Capinnova Investment Bank, the investment banking arm of BBK (Bank of Bahrain and Kuwait), announced a minority investment of $20 million in EBLA Computer Consultancy, an IT consultancy provider in the MENA region.
EBLA currently has subsidiaries in Qatar, UAE, Saudi Arabia, and Egypt and branch offices in Syria, Jordan and Bahrain. Capinnova Private Equity focuses on opportunities of investing in medium-sized companies. It has an authorized capital of $500 million and a paid-up capital of $151 million. The Bank's core areas of business include private equity, asset management and corporate finance.
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Capinnova Investment Bank, the Shari'a compliant investment banking arm of BBK, today announced a minority investment of $20 million in EBLA Computer Consultancy, a leading GCC entity that is engaged in the provision of IT solutions and IT consultancy services in the MENA region. GulfMerger acted as the sell-side adviser to EBLA.
EBLA was established in Kuwait in 1993, and currently has subsidiaries in Qatar, UAE, Saudi Arabia, and Egypt and branch offices in Syria, Jordan and Bahrain. EBLA has a strong customer base contributed to the company's high growth rates since inception, which made them adopt a prominent place on the regional level. "As a fast-growing, profitable company in a growth industry, EBLA ideally fits Capinnova's Private Equity investment profile," said Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank "This is one of the largest technology investments in the GCC in this year, and CapinnovaCapinnova remains committed to providing unique combination of financial support, strategic guidance and a significant network of contacts through the Bank's Board representation, enabling EBLA to continue on its growth trajectory."
"The IT market in the Middle East showed positive growth rates despite the financial crisis the region has faced, thanks to the initiatives of both public and private sectors in terms of the tangible support, investment and expenditure on the IT infrastructure. We are very pleased to complete this investment and anticipate a successful and mutually beneficial relationship," add Mr. Hijres.
"With upcoming opportunities in the regional IT sector, EBLA plans to use the equity injection to grow both organically through geographic expansion and by offering its clients an assortment of additional product and services as well as through strategic acquisitions. We are confident that the combined teams of EBLA and Capinnova will significantly enhance the value of the Company thus generating superior returns for the stakeholders," said Mr. Hilal Arnaoot CEO of EBLA.
Capinnova Private Equity focuses on opportunities of investing in and partnering with dynamic medium-sized companies to help them achieve robust growth and implement best practices in management and corporate governance to enhance shareholder value. The Private Equity team at Capinnova brings extensive industry knowledge, deep financial expertise, innovative structuring capabilities and experience in implementing best practice management systems and processes to assist investee companies on a growth path. The team is committed to operating with the utmost integrity, confidentiality and professionalism at every stage of the transaction.
Capinnova aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.
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