DUBAI, March 4 Bahrain-based investment manager
Investcorp has completed the sale of industrial
supplies distributor IPH Group to a Paris-based European private
equity firm, PAI Partners, the company said on Monday.
The deal generated more than 210 million euros ($272.66
million) of realisation proceeds for Investcorp and its clients,
a company statement said.
Investcorp has been selling assets and making new
investments as financial markets recover from the twin blows of
the Arab Spring uprisings and the global financial crisis.
IPH Group tripled sales to 860 million euros and grew EBITDA
(earnings before interest, taxes, depreciation and amortisation)
to over 62 million euros in 2012 from 12 million during the
period of ownership by Investcorp.
Last month, Investcorp bought a controlling stake in
Scotland-based oil field services provider Hydrasun, taking its
$1 billion Gulf Opportunity Fund closer to full deployment.
The company also sold truck and trailer parts distributor
FleetPride to private equity firm TPG for over $1 billion.
Investcorp, which previously took public luxury brands
Gucci and Tiffany & Co, had $11.5 billion in assets under
management as of June 30, 2012.
($1 = 0.7702 euros)
(Reporting by Rachna Uppal; Editing by Dinesh Nair)