19.01.2009

Private Equity firm acquires Jassim

UK based Global Private Equity has acquired a controlling interest in Jassim Transport and Stevedoring of Kuwait, from the Boodai family which retains a significant interest in the business.

Jassim, founded in 1979, carries out most of the commercial stevedoring in Shuwaikh Port, Kuwait’s main commercial port. Operates an extensive equipment rental business, which includes cranes and fork trucks, and manages the largest fuel distribution operation in the Middle East.

The equipment rental business operates in Kuwait, Iraq, and Qatar and serves blue chip clients such as Kuwait Petroleum Company, Qatar Petroleum Company, Hyundai Heavy Engineering, and SK Engineering.

Marwan Boodai, chief executive of Boodai Corporation, said: “JTC has grown over time to become a highly-respected provider of logistics and equipment rental services to world-class customers whether local, regional or global. We continue to grow and see significant growth opportunities both organically and through regional acquisitions to develop the business.”

“In 2008 alone, we invested over $35 million in new equipments to position JTC for further growth in 2009 and are currently looking at potential acquisition targets in excess of $100 million primarily in equipment rental. JTC has a solid balance sheet with strong cash flow, and we see the current market conditions as a unique window of opportunities to capture further market share”.

“The selection of Global Private Equity Funds Group as our partner was based on its global network of relationships and track record in creating sustainable and long-term value in other businesses where it invested”.

Omar El Quqa, executive vice president at Global said: “this is another landmark transaction to be executed by our private equity arm, which shows Global’s strong confidence in the fundamentals and the outlook of the Kuwaiti and the whole GCC economy.

”This represents one of the largest private equity transactions in the region and the largest in Kuwait”.

Shailesh Dash, senior vice president and head of the private equity funds group at Global added: “We are very proud to announce the completion of this transaction and our affiliation with such prominent partners as the Boodai family.