DUBAI, Sept 30 Bahrain-based Investcorp
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
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
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
and Tiffany & Co public, had $11.5 billion in
assets under management as at June 30, 2012.
(Reporting By Mirna Sleiman; Editing by Dinesh Nair)