SYS-CON MEDIA Authors: Peter Silva, Glenn Rossman, Ava Smith, Elizabeth White, Pat Romanski

News Feed Item

GrowthGate-backed Able Logistics Group Completes Leveraged Recapitalization

DUBAI, UAE, March 23, 2014 /PRNewswire/ --



GrowthGate Capital, the GCC specialist investment firm, today announced that its portfolio company Able Logistics Group ("Able") has completed a leveraged recapitalization. GrowthGate Capital had acquired a strategic stake in Able, a Dubai-based logistics and transport service provider, in Q4 of 2007, and over time amassed a controlling stake therein. With this latest recapitalization, and from antecedent dividend repayments, GrowthGate Capital has realized circa 158% return on its original investment, whilst still controlling 70% of Able's equity.

     (Logo: http://photos.prnewswire.com/prnh/20140321/675211 )

GrowthGate Capital intends to set Able on course for an IPO in 2014 in the UAE and is actively engaged in the process of selecting investment bankers for such deal. In light of the immense infrastructure developments (ports, airports, trains and roads) and in anticipation of major events, including but not limited to Expo 2020 in the UAE, an IPO for a logistics and transport company would constitute a landmark deal for the local stock market.  

The recapitalization was led by Bank of Sharjah, which acted as sole adviser and principal lender on the deal. Proceeds from the recapitalization were used, along with cash on hand, to repay existing debt and pay a cash dividend to shareholders. Mr. Haythem M. Macki, a founding partner in charge of managing GrowthGate Capital's portfolio, said: "We are very pleased with our investment in Able, which has performed exceedingly well since becoming part of our portfolio. Through this successful recapitalization, our investors received a significant cash dividend while retaining a controlling ownership of this growing company".

Able remains conservatively leveraged and has the financial flexibility to continue investing in the business to further enhance its value chain. "As GrowthGate, we are excited to support Dr. Ghanem Al Hajiri, founder, Executive Chairman and President of Able, along with the senior management team as they work to capitalize on Able's many exciting growth opportunities including the planned IPO", Mr. Macki added.

About  Able  Logistics

Able Logistics Group is an integrated provider of freight forwarding, land transportation, and warehousing services, and a regional leader in its business segment thanks to an extensive network than spans throughout the Middle East and Asia; and a management team with over 35 years of experience. Since its inception in 2001, Able has evolved from an airfreight forwarder into a logistics service provider using multi-modal solutions to address the growing needs of governmental agencies; multinationals and conglomerates operating in Asia, Europe, Africa and the Middle East. Able's revenues in 2013 were in excess of $150m and the company boasts a historical track record of robust profitability.

About  GrowthGate  Capital

GrowthGate Capital focuses on growth equity capital investments in middle market companies operating principally in the GCC and in other select markets in the MENA region. GrowthGate Capital was formed in late 2007 with $200m in permanent capital contributed by a handful of shareholders including State-owned banks, public pension funds, and single-family offices. As of December 31, 2013, GrowthGate Capital has circa $1.6bn in Assets-under-Monitoring. The firm has conducted several investments in various sector including: logistics and transport, building materials, steel fabrication, waste management, animation and themed entertainment, private jet management, biometrics, food processing and catering. The firm has completed an exit in 2013, and is contemplating two additional liquidity events in 2014, excluding this most recent structured transaction. The firm is managed by GrowthGate Partners.

For more information, please visit http://www.growthgate.com

Media  &  Corporate  Contact: 
Sabina Lindstedt
+971-4-3302220
+971(0)50-459-0079
[email protected]

SOURCE GrowthGate Capital

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's

"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Infor has announced a new feature Infor CloudSuite™ Aerospace & Defense (A&D) to aid compliance with International Traffic in Arms Regulations (ITAR). The ITAR function will serve as a complementary function for new or existing Infor CloudSuite A&D customers, to facilitate compliance for Infor customers that are creating a US defense article or performing a US defense service and wish to benefit from cloud-services. The ITAR regulation serves to manage handling and access requirements for dat...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry experti...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Cochlear Limited, the global leader in implantable hearing solutions, has selected AppZero for easy migration of its Microsoft Windows Server 2003 applications, a major priority for IT organizations before Microsoft ends support on July 14, 2015. AppZero software enables server application migration from old operating systems to new platforms or clouds and has been proven to be ten times faster, more reliable and efficient than alternative approaches.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
SYS-CON Media announced today the IBM, which offers the world’s deepest portfolio of technologies and expertise that are transforming the future of work, has launched ad campaigns on SYS-CON’s numerous online magazines such as Cloud Computing Journal, DevOps Journal, Virtualization Journal, and IoT Journal. IBM's campaigns focus on application testing, improving application development processes, common challenges in testing composite applications, continuous testing as part of the DevOps lifec...