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Abu Dhabi, UAEFriday 22 June 2018

Investcorp expands British acquisitions with Kee Safety

The Bahraini firm has made three UK buys in 18 months, the latest priced at $370 million

Mubadala owns 20 per cent of Investcorp, which oversees $22.2 billion in assets.Courtesy Investcorp
Mubadala owns 20 per cent of Investcorp, which oversees $22.2 billion in assets.Courtesy Investcorp

Bahrain-based alternative asset manager, Investcorp, has acquired UK-based Kee Safety from Dunedin and LDC for US$370 million, the company said on Wednesday, in its third UK investment in 18 months.

Investcorp will help the rooftop safety company, headquarted in Birmingham, expand its international presence with the possibility of other acquisitions to expand Kee Safety’s offerings.

“With the strong reputation it has today, and the extensive experience we have at Investcorp, we believe the company is well-positioned to enter a new chapter of its growth,” said Timothy Mattar, Investcorp’s managing director.

Kee Safety has provided fall protection solutions and products associated with working at height for more than eight decades. The company has a footprint in more than 60 countries with offices in 10, including the US and China.

“International expansion and an active acquisition strategy have formed key tenets of our growth story over recent years,” said Chris Milburn, chairman of Kee Safety.

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This marks Investcorp’s third investment in the UK in the last year and a half, though it is the first deal since chairman Nemir Kirdar stepped down earlier this month after 35 years at the company.

In August, the alternative asset manager purchased Nebulas, a British cyber security firm. While the amount of the transaction was not disclosed, coupling Nebulas with Investcorp’s SecureLink Group in Scandinavia would generate more than €235 million (Dh1.01bn) in revenue with operations across six countries in Europe.

A year earlier Investcorp announced it had acquired Impero, the online student classroom software developer, for £27.5m.

Investcorp has $21.3bn in assets under management and, since its inception, the company has made investments worth more than $55bn in transaction value spanning the US, Europe, Middle East, North Africa and Turkey.