Aliph Capital, a GCC-focused private equity fund manager that recently raised $125 million from Abu Dhabi holding company ADQ, has completed its maiden investment deal with the acquisition of the UAE's largest pet business, The Pet Shop.
The deal is part of Aliph Capital's $250 million debut fund, Aliph Fund I (LP) and includes the acquisition of TPS' DubaiPetFood.com and Petsville business lines, Aliph Capital said on Thursday.
“Significant” growth capital will be allocated to help TPS expand across the UAE, as well as enter and address fragmented markets in Saudi Arabia and Qatar.
Terms of the agreement were not disclosed. The founder of Petsville, Amr Hazem, will become the chief executive of TPS.
In October, Huda Al Lawati, founder and chief executive of Aliph Capital told The National it planned to complete its first deal before the end of 2022.
Aliph Capital's investment strategy includes backing midsized GCC companies and boosting their digital transformation plans.
The company aims to make two or three investments per year, Ms Al Lawati told The National.
Aliph Capital’s debut investment is a “perfect example of our strategy of taking active positions in midmarket growth stars”, Farah Al Mazrui, head of investments at Aliph Capital, said.
“The Pet Shop is a proven leader in a market ripe for consolidation, growth and further tech enablement, and we look forward to assisting the company in its ambitious expansion plans.”
Private capital deals in the Middle East and North Africa rose to 214 in the first half of 2022 from 76 in the second half of 2019 before the onset of the coronavirus pandemic, prompted by an increase in technology-enabled and digital platforms, according to the 2022 Mena Data Insight report from the Global Private Capital Association.
Investment surged to about $19.5 billion from $570 million in that period, with the region's largest private equity deal being in the technology space as Blackstone Group acquired UAE-based technology and visa outsourcing services company VFS Global for $1.1 billion in May 2022, the GPCA said.
The UAE pet care market is the largest market in the GCC, valued at $361 million in 2020 and projected to post strong growth at a compound annual rate of 9 per cent to 11 per cent, according to Aliph Capital.
Aliph Capital’s debut investment is a 'perfect example of our strategy of taking active positions in midmarket growth stars'
Farah Al Mazrui,
head of investments at Aliph Capital
A young population with a growing expat community and rising pet ownership in the future will underpin the industry's growth, it said.
Shifting behaviour with consumers waiting longer to start families will also fuel growth.
The pet market in the wider GCC remains largely unpenetrated and highly fragmented, presenting opportunities for investment and consolidation, Aliph Capital said.
“I see tremendous growth potential in the business and look forward to working closely with Aliph Capital to achieve it,” Mr Hazem said.
TPS, founded in 2011, was acquired from Kasamar Holdings, a single family office investing in regional private equity, global real estate and public securities.
“We believe the industry has tremendous potential for continued growth and are delighted to pass the baton to Aliph to continue the expansion in the region,” said Mo Bissiso, director at Kasamar Holdings.
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UAE currency: the story behind the money in your pockets
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
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Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
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Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
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As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
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