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Kuwaiti investment bank Global acquires Saudi-based retail chain Al Sawani27/08/2008. Source: AltAssets. 
 The private equity group of Kuwaiti investment bank Global Investment House has acquired a controlling stake in Saudi-based retailer Al Sawani Food and Industrial Supply Company. Financial terms of the deal were not disclosed.
The firm made the investment through two of its funds, the $615m Global Buyout Fund and the $305m Global Opportunistic Fund II.
Al Sawani has 550 outlets across 12 countries in the region, with 76,000 square metres of retail space. The company recorded revenues of over $150m in the past financial year. Al Sawani plans to roll out a further 150 stores between 2008 and 2009, according to a statement.
Shailesh Dash, senior vice president, Global, said, 'We are very bullish on retailing. Fuelled by regional liquidity, and a burgeoning youth population, retail in the GCC and the larger MENA region is poised for sizeable growth.'
According to Dash, the firm is in the process of raising a further $100m for investment in the sector.
Global has invested $1bn in 47 transactions in the region since 2006.
Global closed its Global Buyout Fund earlier this year. The firm also recently set up a $500m Sharia-compliant private equity fund, the Islamic Buyout Fund, alongside Dubai Islamic Bank and Millennium Capital.
Copyright © 2008 AltAssets
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