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Abu Dhabi, UAESaturday 22 September 2018

Bahrain's Investcorp sells Dutch precision component manufacturer 

Investcorp says it sealed the deal with Gilde Buy Out Partners for an undisclosed amount 

Saudi Arabia and its allies said they were in discussions in June to offer Bahrain an economic package. Getty Images
Saudi Arabia and its allies said they were in discussions in June to offer Bahrain an economic package. Getty Images

Investcorp, the Bahrain-based alternative investment firm that has US$21.3 billion in assets under management sold Veco Precision, a Netherlands-based manufacturer of high-precision metal components, to Gilde Buy Out Partners and Management.

The company, which counts Abu Dhabi strategic firm Mubadala Investment Company as its largest shareholder, did not disclose the value of the deal in a statement to Bahrain Bourse on Thursday, where its shares are traded.

Veco has been sold by its parent company SPGPrints Group, a rotary screen and digital printing specialist, which Investcorp acquired in July 2014. Veco, which employs about 350 full-time employees, serves more than 1,500 customers in 85 countries from its sites in The Netherlands, the UK, Germany and India, according to the regulatory filing.

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Investcorp has helped the firm to “grow organically as well as through add-on acquisitions, building scale and enabling the company to establish itself as a standalone business,” it said in the statement.

The move is in line with company plans to have at least three exits this year, its co-chief executive Rishi Kapoor told The National in December. The firm is focusing on exits in the Arabian Gulf, the US and Europe, he said at the time.

Since its inception in 1982, Investcorp has made over 170 corporate investments in the US, Europe and the broader Middle East and North Africa region, including Turkey. The firm has invested across a range of sectors and more than 450 commercial and residential real estate investments in the US, with a transaction value exceeding $55bn.

Investcorp is expanding its client coverage and its product lines as part of a strategy to boost its assets under management in the coming years through acquisitions and organic growth.

In March the company acquired a minority stake in a US-based strategic communications and advisory firm ICR for an undisclosed sum.

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