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Carlyle prepares for General Lighting exit through Saudi IPO

15 May 2013

lightbulb_lrgCarlyle-backed General Lighting, the largest lighting fixtures manufacturer and supplier in Saudi Arabia, is reportedly eyeing an IPO on its home stock exchange to help the buyout firm exit its stake.

The buyout giant bought a 30 per cent stake in the business in 2010 for an undisclosed sum through Carlyle MENA Partners, a $500m fund operating from offices in Istanbul, Dubai and Cairo.

Carlyle has hired law firm Latham & Watkins and GIB Capital to help arrange the listing on the Saudi bourse according to Reuters.

It said Saudi companies generally offer 30 per cent of their capital in an IPO.

Last September General Lighting bought Malaysian peer Davex as part of a move to expand into fast-growing economies.

The $60m deal saw General Lighting buy the company from Davex Holding Berhad, a wholly-owned subsidiary of investment holding company MWE Holdings.

Carlyle has bought seven platform companies using its MENA fund, the most recent coming earlier this week when it acquired a significant minority stake in Jordan’s Al-Nabil Food Industries.

Its sole exit has come from selling Turkish chemical tanker construction company TVK Gemi Yapim Sanayi, which it bought in 2008.

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