Riyadh – MENA Herald: Investcorp, a global provider and manager of alternative investment products, (“the Firm”), today announced the successful listing of its Gulf Opportunity Fund I portfolio company, L’azurde Company for Jewellery (“L’azurde” or “the Company”), 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 institutionalise the business through a number of senior management hires and by implementing a robust corporate governance framework. 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-recognised brand it is today, and we wish the Company every future success as a listed company.”
L’azurde is the largest manufacturer and wholesaler of gold jewellery in the Middle East and the world’s fourth largest gold jewellery manufacturer globally, with revenues in 2015 of $141.4 million, an increase of approximately 13% 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 jewellery-manufacturing sector worldwide. Investcorp’s experience and commitment and partnership has helped us position this home-grown Saudi business on the international stage and set it on its course for long-term growth.”
Investcorp currently invests in eight companies in the Gulf region, six of which are in Saudi Arabia. Collectively, these companies employ nearly 25,000 people and generate over $2 billion in revenues.
Investcorp’s other investments in Saudi Arabia include: Bindawood Holding, the leading supermarket and hypermarket group; NDT Corrosion Control Services, a leading industrial testing services company; Leejam, the owner and operator of the leading fitness chain “Fitness Time”; Theeb, a leading car rental business; and Al Yusr Industrial Contracting Company, a provider of industrial services and solutions to the oil & gas sector.