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.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Group B
Bayern Munich v Tottenham, midnight (Thursday)
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
