Investcorp to take 35-percent stake in Kuwaiti car leasing firm
DUBAI (Reuters) - Bahrain-based Investcorp INVB.BH acquired a 35-percent stake in Kuwait's car leasing and rental firm Automak Automotive Co, marking the alternative asset manager's sixth investment through its $1 billion Gulf Opportunity Fund.
Investcorp did not give financial details of the transaction but said in a statement on Sunday that the deal will be done through a capital injection.
Co-founded in 2002 by Al Kharafi Projects Co., Automak has over 15-percent market share in Kuwait, operating a fleet of more than 4,500 vehicles and provides rental, car leasing and distribution services.
The deal comes two months after Investcorp acquired a 30 percent stake in Turkey's menswear retailer Orka Group. Other investments in the fund include stakes in Kuwaiti Gulf Cryo, Saudi L'azurde and Turkish Tiryaki Agro.
The Gulf Opportunity Fund earlier this year exited from its first investment in UAE-based Redington Gulf.
Investcorp, which previously took luxury brands Gucci GUCG.PK and Tiffany & Co (TIF.N) public, had $11.5 billion in assets under management as at June 30, 2012.
(Reporting By Mirna Sleiman; Editing by Dinesh Nair)
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