Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GrowthGate-backed Able Logistics Group Completes Leveraged Recapitalization  Join our daily free Newsletter

MENAFN Press - 23/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN Press) GrowthGate Capital, the GCC specialist investment firm, today announced that its portfolio company Able Logistics Group ("Able") has completed a leveraged recapitalization. GrowthGate Capital had acquired a strategic stake in Able, a Dubai-based logistics and transport service provider, in Q4 of 2007, and over time amassed a controlling stake therein. With this latest recapitalization, and from antecedent dividend repayments, GrowthGate Capital has realized circa 158% return on its original investment, whilst still controlling 70% of Able's equity



(Logo: http://photos.prnewswire.com/prnh/20140321/675211



GrowthGate Capital intends to set Able on course for an IPO in 2014 in the UAE and is actively engaged in the process of selecting investment bankers for such deal. In light of the immense infrastructure developments (ports, airports, trains and roads) and in anticipation of major events, including but not limited to Expo 2020 in the UAE, an IPO for a logistics and transport company would constitute a landmark deal for the local stock market.



The recapitalization was led by Bank of Sharjah, which acted as sole adviser and principal lender on the deal. Proceeds from the recapitalization were used, along with cash on hand, to repay existing debt and pay a cash dividend to shareholders. Mr. Haythem M. Macki, a founding partner in charge of managing GrowthGate Capital's portfolio, said: "We are very pleased with our investment in Able, which has performed exceedingly well since becoming part of our portfolio. Through this successful recapitalization, our investors received a significant cash dividend while retaining a controlling ownership of this growing company"



Able remains conservatively leveraged and has the financial flexibility to continue investing in the business to further enhance its value chain. "As GrowthGate, we are excited to support Dr. Ghanem Al Hajiri, founder, Executive Chairman and President of Able, along with the senior management team as they work to capitalize on Able's many exciting growth opportunities including the planned IPO", Mr. Macki added


About Able Logistics
Able Logistics Group is an integrated provider of freight forwarding, land transportation, and warehousing services, and a regional leader in its business segment thanks to an extensive network than spans throughout the Middle East and Asia; and a management team with over 35 years of experience. Since its inception in 2001, Able has evolved from an airfreight forwarder into a logistics service provider using multi-modal solutions to address the growing needs of governmental agencies; multinationals and conglomerates operating in Asia, Europe, Africa and the Middle East. Able's revenues in 2013 were in excess of 150m and the company boasts a historical track record of robust profitability.About GrowthGate CapitalGrowthGate Capital focuses on growth equity capital investments in middle market companies operating principally in the GCC and in other select markets in the MENA region. GrowthGate Capital was formed in late 2007 with 200m in permanent capital contributed by a handful of shareholders including State-owned banks, public pension funds, and single-family offices. As of December 31, 2013, GrowthGate Capital has circa 1.6bn in Assets-under-Monitoring. The firm has conducted several investments in various sector including: logistics and transport, building materials, steel fabrication, waste management, animation and themed entertainment, private jet management, biometrics, food processing and catering. The firm has completed an exit in 2013, and is contemplating two additional liquidity events in 2014, excluding this most recent structured transaction. The firm is managed by GrowthGate Partners.For more information, please visit http://www.growthgate.com

 


MENAFN Press




  MENA News Headlines
 Dec 26 2014 - Russia hopes to host Syria talks in JanuaryThe Peninsula
(MENAFN - The Peninsula)  -Russia plans to host delegations from the Syrian opposition in late January, possibly followed by a visit by regime representatives that could bring the two sides together ...

 Dec 26 2014 - Lebanon's Hezbollah detains 'Israeli spy' in its ranksThe Peninsula
(MENAFN - The Peninsula)  Lebanon's Hezbollah has detained a senior party official it accused of spying for Israel and "sabotaging security operations" abroad, a source close to the movement said on ...

 Dec 26 2014 - Syrian rebel groups in Aleppo enter allianceThe Peninsula
(MENAFN - The Peninsula)  Rebel groups fighting in Syria's northern Aleppo province have agreed to form an alliance, a group monitoring the country's civil war said on Thursday.A lack of unity among ...

 Dec 26 2014 - Israel approves 243 new settler homes in East JerusalemThe Peninsula
(MENAFN - The Peninsula)  Israel has given preliminary approval for the construction of 243 new homes on West Bank land that Israel annexed to Jerusalem, and advanced plans for another 270 homes in ...

 Dec 26 2014 - Iraq, Turkey pledge to join hands to fight ISIS jihadistsThe Peninsula
(MENAFN - The Peninsula)  Iraq and Turkey on Thursday pledged to join forces to fight Islamic State insurgents who are holding swathes of Iraq and Syria."ISIS threatens not only Iraq's and Turkey's ...

 Dec 26 2014 - Tunisia arrests blogger for 'defaming' army officers: lawyerThe Peninsula
(MENAFN - The Peninsula)  Tunisian authorities have arrested a blogger who has been critical of the party of newly elected president Beji Caid Essebsi, as he returned home from France, his lawyer ...

 Dec 26 2014 - Qatar- Zakat Fund got 575 applications in November for aidThe Peninsula
(MENAFN - The Peninsula)  The Zakat Fund at the Ministry of Awqaf and Islamic Affairs received 575 applications for social assistance in the month of November.Zakat Fund, a charity dedicated to ...

 Dec 26 2014 - Kuwait commissions new gas processing plantThe Peninsula
(MENAFN - The Peninsula)  Kuwait has commissioned a new natural gas plant that will raise the energy-rich state's production capacity to more than 2 billion cubic feet a day, officials said on ...

 Dec 26 2014 - Egyptian pound steady on official and unofficial marketsThe Peninsula
(MENAFN - The Peninsula)  The Egyptian pound held steady at a central bank dollar sale on Thursday and on the black market.The bank offered $40 million and said it had sold $38.2 million at a cut-off ...

 Dec 26 2014 - Saudi lifts spending in 2015 budgetThe Peninsula
(MENAFN - The Peninsula)   Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help