Leading MENA private equity firm recognized for its steady hand in tumultuous 2008 global investment climate
Citadel Capital, the Arab world’s leading private equity firm, has been named MENA Private Equity House of the Year by Acquisitions Monthly, the international buy-out magazine. The Acquisitions Monthly Awards are widely acknowledged as being among the most prestigious designations in the international financial services industry.
“It’s a great honor to be named best MENA private equity firm,” said Ahmed Heikal, Chairman and Founder of Citadel Capital. “Success during a time when the private equity industry is generally facing challenges is the ultimate endorsement of the effectiveness of our control investment strategy, our team and the attractiveness of the frontier markets in MENA on which we are focused.”
“Having returned in excess of US$ 1.4 billion of cash to our limited partners in 2007,” Heikal added, “perhaps our most important, and fortunate, strategic step in 2008 was our early decision to slow new investment activity and focus instead on strengthening our existing Platform Companies. As a result we feel our existing portfolio is in a good shape to weather the downturn and take advantage of their strong capitalizations.”
In addition to completing six bolt-on acquisitions in 2008, Citadel Capital also completed a US$ 45 million (10.0x) partial exit of its controlling stake in ASCOM Geology and Mining, a regional geological mining and services company and raised over US$ 350 million of equity and 5-year term debt at the general partner level.
Since 2004, this dynamic firm has generated more cash from exits than any other private equity investor in the Middle East and North Africa region. From all its transactions to date, Citadel Capital has returned US$ 2.3 billion of cash to its co-investors (3.0x+ invested capital). Citadel Capital remains one of only a handful of private equity general partners worldwide to make significant investments in its own transactions. Having raised significant amounts of capital in 2008, the firm is generally acknowledged to be well positioned for what will likely be great vintage years for private equity investing in 2009 and 2010.
Acquisitions Monthly’s 20 January 2009 awards ceremony put Citadel Capital on the same podium as Advent International, the Private Equity Firm of the Year winner, and Mid-Market Private Equity Firm of the Year 3i. More than 500 senior executives from the corporate finance, investment, and legal sectors attended the eleventh annual presentation in London.
Citadel Capital is the leading private equity firm focusing on building regional platform investments throughout the Middle East and Africa in selected industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.2 billion in cash to investors, more than any other private equity firm in the region.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)