Investcorp, partners complete L’azurde IPO

Mohammed Al-Shroogi

Investcorp, a global provider and manager of alternative investment products, has announced the successful listing of its Gulf Opportunity Fund I portfolio company, L'azurde Company for Jewellery, on the Saudi stock exchange (Tadawul).
L'azurde is the first majority private equity-owned business in Saudi Arabia to list on Tadawul.
Mohammed Al-Shroogi, co-CEO of Investcorp and chairman of L’azurde, said: “L’azurde has been an outstanding investment and success story for Investcorp. Since acquiring the business in early 2009, our corporate investment team in Bahrain, along with our partners from Eastgate Capital and The National Investor, have worked closely with L’azurde’s management team to drive growth into new markets and expand the product offering, improve operational and capital efficiency as well as institutionalize the business through a number of senior management hires and by implementing a robust corporate governance framework.”
He added: “The strong financial performance of the business reflects our ability to create true value for our portfolio companies by working hand in hand with the other shareholders and the management. This is the backbone of our approach to corporate investments in Europe and the United States, as well as in the MENA region. We are proud to see L’azurde become the internationally-recognized brand it is today, and we wish the company every future success as a listed company.”
L’azurde claims to be the largest manufacturer and wholesaler of gold jewelry in the Middle East and the world’s fourth largest gold jewelry manufacturer globally, with revenues in 2015 of $141.4 million, an increase of approximately 13 percent over the prior year.

Selim Chidiac, CEO of L'azurde, said: “Investcorp and its partners have contributed significantly to the successful growth of L’azurde and should be proud and take credit for the overwhelming response we have seen to this IPO. Their strong strategic, operational and financial support has enabled us to invigorate the business and to build it into one of the leading names in the gold jewelry manufacturing sector worldwide. Investcorp’s experience and commitment, and partnership have been of great help.”