FEP acquires 50% Oryx Industries stake
A full acquisition will take place by the end of Q1, 2015
Private equity firm First Equity Partners (FEP) and a group of partners have acquired a 50% stake in Oryx Industries, a Fujairah-based building materials producer.
The group put up $136m (AED500m) for the initial acquisition which will be followed by a full acquisition by the end of the Q1 2015.
The consortium of investors, most of whom have acquired an equal share, include Qatar's State Holding, Saudi Arabia's Rawabi Holding and Al Waab Real Estate, which is based in Kuwait.
The names of those involved in the final, full acquisition have not yet been revealed but will be "big players" from across the GCC and have been chosen for the "added-value" they will bring to Oryx Industries, according to Qais Al Maskati, managing director at FEP.
"Jointly working with our strategic partners, FEP will take ORYX into further success becoming the number one manufacturer of construction materials and qualifying the company into a corporation registered in the GCC Financial Market," said Al Maskati.
"Acquiring Oryx Industrial Group will being endless investment opportunities in a promising sector working with a skilled team."