Investcorp said that it will be represented on Leejam’s board and “play an active role in its strategic choices and growth opportunities.”
The company currently has more than 62 locations in Saudi Arabia and 22 branches under construction including two in Dubai.
Managing director of Investcorp Corporate Investments-MENA Walid Majdalani said, “A key focus for our team will be to help generate additional growth opportunities for the business, while at the same time working with the management to consolidate the foundations, resources and infrastructure that are needed to support and ensure sustainable growth.”
Gulf Opportunity Fund is a $1bn vehicle focused on companies in the Gulf Cooperation Council countries and Turkey as well as the wider MENA region.
In June Investcorp bought a 38 per cent stake in Al Yusr Industrial Contracting Company, a provider of technical industrial support services to the petrochemical, oil & gas and other industrial sectors in Saudi Arabia and Qatar.
Copyright © 2013 AltAssets