The Group is comprised of Intercat, Butlers and restaurant concepts Mashawi and Toast. Intercat is a player in the institutional catering market with clients in the hospitality, corporate, education, and contracting sectors. QInvest is established in 2007 with authorized and paid up capital of $1 billion and $500 million respectively.
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More details from their release follows
QInvest Qatar's leading investment bank, has acquired a 40.8% stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services (the "Group"), one of the UAE's leading outsourced business services companies.
The Group, established in 1992, is comprised of Intercat, Butlers and restaurant concepts Mashawi and Toast. Intercat is a leading player in the institutional catering market with clients in the hospitality, corporate, education, and contracting sectors. Butlers is a market leader in the institutional dry cleaning and laundry market serving customers primarily in the hospitality sector. The Group's clients include many of the UAE's leading companies.
The investment will enable the company to continue to grow its business in the UAE and expand into other GCC markets. George Farha, Founder and Chairman of the Group, said "I am excited to be partnering with QInvest, which I see as being the ideal partner as we continue to grow our business. QInvest is an investor that believes in our business model and growth prospects and is able to support our regional ambitions given its network of relationships. This is a major step in our evolution as a family-controlled business and one which will benefit our customers, suppliers and employees. We will continue to grow Intercat and Butlers with the highest standards of attention and care to fulfill our customers' needs."
Commenting on the transaction, Anuj Khanna, Co-Head of Investment Management at QInvest, said that "The investment is in line with our private equity fund's investment strategy of backing strong management teams and scalable businesses in the MENASA region. This company offers an attractive value proposition to its customers in a growth sector which will become increasingly relevant in the GCC as customers seek productivity improvements in their core businesses through outsourcing efficiencies."
Shahzad Shahbaz, CEO of QInvest, added, "This will represent an important investment for QInvest Capital, our private equity initiative. We are delighted to be partnering with an exceptional management team that has over 10 years of experience working together in the outsourced business services sector, and one which is well placed to benefit from the future growth of the industry."
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