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BAHRAIN: Investcorp, a global provider and manager of alternative investment products, announced that it has acquired a minority stake in one of ��������Ƶ’s major supermarket and hypermarket groups, Bindawood Holding (Bindawood).
Since its inception over 50 years ago, Bindawood has grown from a small trading business to one of the major retailers in ��������Ƶ.
The group manages two key brands — Bindawood and Danube — across 40 hypermarkets and supermarkets in major Saudi cities, including Makkah, Madinah, Riyadh, Jeddah and Alkhobar. Today, the group employs more than 7,000 people.
The Bindawood brand is focused on the mid-range customer segment and the pilgrims in the holy cities. Meanwhile, Danube appeals to higher-end customers by stocking higher-price point products.
Bindawood Holding is stated to have a strategic plan to expand its business aggressively across different Saudi cities. It plans to open more than 30 hypermarkets and supermarkets in the coming years under the Bindawood and Danube brands.
Investcorp’s Co-CEO Mohammed Al-Shroogi commented: “��������Ƶ is a key market for Investcorp where we are continuously looking for interesting investment opportunities. We are very excited about this partnership with Bindawood Holding, a group that offers an exceptional product in a Saudi grocery retail market that is currently worth around $45 billion and expected to grow at a compounded annual growth rate of 11 percent over the next four years. There is an exceptional management team in place at Bindawood Holding and I am looking forward to working with them to accelerate the company’s growth. We are privileged and honored with this partnership, which I have no doubt will be successful.”
Bindawood Holding Chairman Abdulrazzaq Bindawood said: “Investcorp brings valuable expertise to help us structure our growth across ��������Ƶ and institutionalize the company. We spent a long time evaluating the options available to us and we are looking forward to beginning this new chapter in our history with Investcorp as our partner.”
Yasser Bajsair, managing director at Investcorp in ��������Ƶ, said: “Consumer spending in ��������Ƶ has strongly benefited from economic and population growth over the last five years. This trend is expected to continue going forward, and we believe that the company is ideally positioned to capture this growth. There is a very strong management team in place and we are eager to lend our expertise to help bring this exciting brand to even more consumers across the Kingdom.”
Bindawood Holding becomes Investcorp’s sixth portfolio company in ��������Ƶ and follows the firm’s acquisition in July 2015 of a majority stake in NDT Corrosion Control Services, claimed to be ��������Ƶ’s largest industrial testing services company.
Investcorp’s other investments in ��������Ƶ include Leejam, the owner and operator of the leading fitness chain Fitness Time; Theeb, a major car rental business; Al-Yusr Industrial Contracting Company (AYTB), a leading provider of industrial services outsourcing solutions; and L'azurde, a leading designer, manufacturer and distributor of gold jewelry.