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GrowthGate eyes exit for Able Logistics with first Dubai IPO since 2009

20 Mar 2014

MENA private equity firm GrowthGate Capital could exit portfolio company Able Logistics Group via a Dubai listing before the end of the year.

GrowthGate partner Haythem Macki told Reuters that the IPO was planned for Dubai Financial Market, in the first public listing for the bourse since 2009.

The GCC-based buyout firm first invested in Able in 2007, and currently holds a 70 per cent stake. The listing would potentially reduce its stake to below 50 per cent, the report said.

Able recently carried out a leveraged recapitalisation, giving GrowthGate a 158 per cent return on its original investment, Macki said.

Able provides of freight forwarding, land transportation and warehousing services throughoutthe Middle East and Asia. Launched as a freight brokerage house in 2001 following GrowthGate’s acquisition the company bought Able Transport DWC and Able Force Freight. It has also established joint ventures and partnerships with logistics partners providers in Oman and the Kingdom of Saudi Arabia.

Since its inception in 2007 GrowthGate has been focused on the middle-market segment principally in the GCC region along with other select markets in the Middle East. Last year the firm sold Roots Steel International (RSI), the first exit from its Saudi investment vehicle.

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