JEDDAH, 19 June 2005 — Savola Group is launching a private equity fund in partnership with Swicorp, a private equity and investment banking firm specializing in the Middle East and North Africa. Intaj Capital LLC will be a private equity fund with an initial closing of $60 million and a subsequent closing in 2006 targeting a capitalization of up to $200 million. Swicorp will assume the role of fund manager, while Savola will be an anchor investor.
The fund will focus on the Middle East and North Africa (MENA) region to benefit from its current booming economies and capitalize on its emerging and promising private equity industry. The fund will seek to invest in a diversified portfolio of companies with significant growth prospects and operating in pre-selected growth sectors such as consumer goods, retail, communications, financial services, and infrastructure.
Kamal Lazaar, president and managing director of Swicorp, said that the launch of Intaj Capital is an important step for Swicorp and it reflects our commitment to the development and growth of private equity in MENA. “We are delighted to be engaging in this new venture with the Savola Group, one of our closest clients in the region, with whom we have a longstanding relationship and a quality track record.”
Commenting on the launch of the fund, Savola’s CEO, Dr. Abderaouf Mannaa, said that Intaj Capital represented a unique opportunity for Savola to be involved in the growing private equity sector and a vehicle for exploring new boundaries for the development of Savola. The fund will rely on Swicorp and Savola’s combined market knowledge and know-how to create value and achieve superior returns by enhancing the operational and financial performance of portfolio companies as well as by performing timely and well-executed exits.
Swicorp is a Swiss-headquartered investment firm. Intaj Capital is Swicorp’s second private equity fund in the region following ‘MENA Water Ventures’, which was launched in partnership with Groupe Danone late 2003.
The Savola Group is one of Saudi Arabia’s leading industrial companies with a market capitalization exceeding $10 billion.
The group’s major holdings supply Saudi Arabia and the MENA countries with edible oils, sugar, fresh dairy products, and fast food restaurants.
The Savola Group is ranked number 9 among the top 100 companies in Saudi Arabia and ranked number 3 in the industrial sector.