QInvest, Qatar’s leading investment bank, has acquired a 40.8% stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services (the “Group”), one of the UAE’s leading outsourced business services companies.
The Group, established in 1992, is comprised of Intercat, Butlers and restaurant concepts Mashawi and Toast. Intercat is a leading player in the institutional catering market with clients in the hospitality, corporate, education, and contracting sectors. Butlers is a market leader in the institutional dry cleaning and laundry market serving customers primarily in the hospitality sector. The Group’s clients include many of the UAE’s leading companies.
The investment will enable the company to continue to grow its business in the UAE and expand into other GCC markets. George Farha, Founder and Chairman of the Group, said “I am excited to be partnering with QInvest, which I see as being the ideal partner as we continue to grow our business. QInvest is an investor that believes in our business model and growth prospects and is able to support our regional ambitions given its network of relationships. This is a major step in our evolution as a family-controlled business and one which will benefit our customers, suppliers and employees. We will continue to grow Intercat and Butlers with the highest standards of attention and care to fulfill our customers’ needs.”
Commenting on the transaction, Anuj Khanna, Co-Head of Investment Management at QInvest, said that “The investment is in line with our private equity fund’s investment strategy of backing strong management teams and scalable businesses in the MENASA region. This company offers an attractive value proposition to its customers in a growth sector which will become increasingly relevant in the GCC as customers seek productivity improvements in their core businesses through outsourcing efficiencies.”
Shahzad Shahbaz, CEO of QInvest, added “This will represent an important investment for QInvest Capital, our private equity initiative. We are delighted to be partnering with an exceptional management team that has over 10 years of experience working together in the outsourced business services sector, and one which is well placed to benefit from the future growth of the industry.”
Ends
About QInvest
QInvest LLC, Qatar’s leading investment bank, was licensed by the Qatar Financial Centre Authority in April 2007 and is regulated by the Qatar Financial Centre Regulatory Authority. The Bank has authorized and paid up capital of US$1 billion and US$700 million respectively. The QInvest shareholder structure includes Qatar Islamic Bank as well as other institutional investors and prominent high net worth individuals from across the region.
The firm has created a world class investment banking capability operating under Sharia’a compliant structures, with the highest standards of governance and transparency. The platform offers a broad range of expertise which enables QInvest to deliver a high value service to clients, seamlessly covering advisory, capital raising and investment needs. The firm pursues opportunities across its chosen markets of the Middle East, Africa, Turkey, South Asia and South-East Asia. Extending beyond this geographic focus, the firm also pursues opportunistic transactions more globally where it identifies high value propositions for clients.
About Intercat Hospitality
Intercat Hospitality is a UAE-based integrated food and beverage solutions company. Established in 1993, with over 60,000 meals produced in its kitchens everyday, Intercat has an undisputed leadership position in the food and beverage market. Intercat's scope of services is three-fold:
- Industrial Catering
- Banqueting/Fine dining
- Restaurant Management
About Butlers Dry Cleaning and Laundry Services
Established in 1997, Butlers is considered as one of the pioneers in professional laundry and dry cleaning service in the UAE. Due to its philosophy of market-orientation and continuous improvement, Butlers is now one of the leading laundry and dry cleaning service companies in the UAE boasting a 100-ton daily washing capacity.