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
 Nov 25 2014 - Saudi- Thousands register for national science innovation programArab News
(MENAFN - Arab News) As many as 100000 Saudi students across the country have registered for the National Olympiad Science Innovation (NOSI) program for the year 2015 under King Abdul Aziz and His ...

 Nov 25 2014 - Moroccan Minister of Higher Education Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Moroccan Minister of Higher Education and Scientific Research Lahcen Daoudi met Tuesday with Qatar's Minister in Morrocco Abdulla Falah Abdulla Al-Dosari. They discussed bilateral ...

 Nov 25 2014 - President of Djibouti Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) President of the Republic of Djibouti Ismail Omar Guelleh met here Tuesday with HE Qatar's Ambassador to Djibouti Jassim Jaber Jassim Sorour and a delegation of Qatari Diar ...

 Nov 25 2014 - Minister of State for Defence Affairs Meets Kuwaiti Environment OfficialQatar News Agency
(MENAFN - QNA) HE Minister of State for Defence Affairs Major General Hamad bin Ali Al Attiyah met Tuesday with Chairman of Board of Directors of the Kuwaiti General Environment Authority Raja Daud ...

 Nov 25 2014 - UAE's News Corp to buy USD30m stake in Indian property siteMENAFN
(MENAFN) Rupert Murdoch's News Corp has bought a minority stake in Indian property start-up PropTiger.com for USD30 million, which was the largest investment media group in the country and the latest ...

 Nov 25 2014 - Oman's Octal signs 20 contracts with SMEsMENAFN
(MENAFN) Oman's Octal, the world's leading clear rigid food packaging material supplier, announced it has signed 20 contracts with local businesses and small and medium enterprises (SMEs), Times of ...

 Nov 25 2014 - Dubai Chamber exports hit USD65.59 in Jan.-OctMENAFN
(MENAFN) Dubai Chamber of Commerce and Industry's total value of exports reached USD65.59 billion during the January-October period of 2014, registering an annual growth of about 1 percent compared ...

 Nov 25 2014 - Qatar launches first of 3 new economic zonesMENAFN
(MENAFN) Qatar announced it has launched the first of three new special economic zones established to help the country with diversifying its economy, Arabian Business reported.The Ras Bufontas ...

 Nov 25 2014 - UAE, China consider establishing joint investment fundMENAFN
(MENAFN) The UAE's Ministry of Economy said that it is looking to set up a joint investment fund with the government of China, which will be focused on investing in clean energy since it is an area ...

 Nov 25 2014 - Permanent stress may lead to mental disordersKhaleej Times
(MENAFN - Khaleej Times)  Permanent stress can activate immune cells that can cause changes in the brain, leading to mental disorders such as schizophrenia, shows a study. The researchers focused ...

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