- DUBAI: British investment firm Energy Capital Group has bought a majority stake in Saudi industrial cleaning company Redland Industrial Services Arabia, or Risal, for $250 million, an adviser on the deal said on Tuesday.
Abdulrahman Al-Turki Group (Atco), the Saudi industrial conglomerate that wholly owned Risal, sold the 51 percent stake for $250 million said CFH, which advised Atco on the deal.
Energy Capital Group is described on its website as "an investment firm focused on generating long-term profits ... by investing in the global energy sector".
It has a Middle East presence through a Bahrain subsidiary.
CFH is based in Beirut.
Mergers and acquisitions (M&A) in the Middle East and North Africa region hit a rough patch in the wake of the financial crisis as an era of leverage-led buyouts waned and several high-profile investments suffered heavy losses.
The amount of fee income raised by investment banks from mergers and acquisitions was $165.1 million in the first three quarters of 2011, down nearly 41 percent from the same period last year, according to Thomson Reuters data.