(MENAFN- Khaleej Times) Dubai International Capital, or DIC, on Saturday announced the appointment of five top executives as the private equity company seeks to increase the value of its investments in companies.
Hired from Deloitte & Touche, these appointments are part of a newly-created portfolio monitoring group within DIC that adds a dedicated capability focused on due diligence, corporate reporting, and business improvement initiatives.
Managing director Richard Clarke will lead the new team that includes director Raj Mehta and three senior associates. The team will start at DIC on May 1.
DIC chief executive officer David Smoot said: "This very experienced team will deepen and broaden our ability to develop our portfolio companies. They bring a capability that when coupled with DIC's existing platform creates a unique and unrivalled offering in Dubai, that will ensure our businesses are well positioned for growth and, when the time is right, are able to command strong valuations at sale."
Working with DIC portfolio companies management, the new team will undertake a range of roles including due diligence around financing, refinancing, bolt on acquisitions and eventual sale. They will also have an important role in supporting continuous business improvement around capital spending, procurement, operations and other areas of commercial focus.
Clarke said: "Having worked with David and the DIC team over the past few years, I have been hugely impressed by their achievements. From my 18 or so years of M&A [mergers and acquisitions] experience, I believe that they are the best PE [private equity] team I have worked with in either Dubai or London and it will be a real privilege to join their ranks. They have achieved fantastic returns from the sale of their Middle East assets and are now determined to achieve the same with the European portfolio. The team looks forward to bringing our skills and experience to help those companies grow and achieve their maximum potential."
Clarke has been leading Deloitte's M&A transaction services practice in the Middle East and North Africa since helping to establish Deloitte Corporate Finance Business in 2008. He specialises in M&A transactions and restructuring for financial institutions, financial investors and corporates.
Mehta is an experienced financial advisor specialising in supporting private equity clients on large complex cross border transactions across most industry sectors. He has advised on over 100 transactions providing both buy and sell side services as well as restructuring support to private equity clients.
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