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Private equity firms acquire GHI Formwork’s MENA division

A three-strong consortium of private equity firms has finalised the acquisition of GHI Formwork’s MENA division, GHI Formwork FZCO

GHI Formwork FZCO conducts formwork and shoring operations across the MENA region.
GHI Formwork FZCO conducts formwork and shoring operations across the MENA region.

A three-strong consortium of private equity companies has finalised the acquisition of GHI Formwork’s Middle East and North Africa (MENA) division, GHI Formwork FZCO.

Incorporated in Dubai’s Jebel Ali Free Zone (Jafza), GHI Formwork FZCO conducts formwork and shoring operations in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, and Egypt.

The consortium comprised a North American private equity outfit, which led the buyout, and two additional UK-headquartered private equity firms.

Commenting on the acquisition, Sayed Ali, chief financial controller of GHI Formwork FZCO, told Construction Week: “This acquisition represents a new page in the company’s history. We are confident in the new opportunities that will come with our change in leadership.”

Ali, who noted that GHI Formwork FZCO has “sizeable sale and rental activities across the region”, said that the acquisition formed part of the private equity firms’ efforts to expand their GCC and MENA portfolios.

“The acquisition came at the right moment [as] market conditions are improving very quickly,” he added.

While GHI Formwork FZCO did not disclose the value of the acquisition, it stated that the deal’s structure was leveraged as a complete buyout.

Negotiations and due diligence began in November, 2016, and the deal was finalised in April 2017.

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Construction Week - Issue 746
Jul 20, 2019