Investcorp successfully lists BinDawood Holding on Tadawul

21 Oct 2020

Investcorp, a leading global provider and manager of alternative investment products, announced today the successful listing of its portfolio company BinDawood Holding (“BinDawood”), on the Saudi Stock Exchange (“Tadawul”). This marks the 3rd investment that Investcorp has exited through a public share sale over the last four years in the Kingdom of Saudi Arabia, following the public offerings of L’azurde Company for Jewelry in 2016 and Leejam Sports Company (Fitness Time) in 2018.

BinDawood Holding is one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia. It has a total of 73 stores of which 51 are hypermarkets and 22 are supermarkets, operating under the BinDawood and Danube brands located nationwide across Saudi Arabia. Investcorp acquired a minority stake in BinDawood in 2016.

Walid Majdalani, Head of Private Equity MENA and South East Asia: “Since our acquisition of BinDawood Holding, we worked closely with the management team to help them deliver on their strategic growth plans, enhance the company’s value, optimize their operational leverage and implement a best-in-class framework to scale their operations. This is the third family owned business that Investcorp takes public in Saudi Arabia while creating significant growth and value creation for such companies as well as our clients and other stakeholders.”

Ahmad Abdulrazzaq BinDawood, Chief Executive Officer, BinDawood Holding, said: “Investcorp has been a key strategic partner since their investment in 2016 and have supported our journey to become a listed company on the Tadawul Stock Exchange. They have been committed partners and enabled us to transform our company from a family business into an institution. Investcorp representatives shall remain on our Board following the listing, which will provide the company with the advantage of continuing stability and stewardship as we accelerate our growth strategy to become the leading supermarket operator in the Kingdom of Saudi Arabia.”

Yasser Bajsair, CEO of Investcorp KSA: “This milestone demonstrates our continued legacy in supporting the growth and evolution of leading, dynamic Saudi Arabian businesses. Saudi Arabia is a key market for Investcorp and we believe that the Kingdom’s Vision 2030 will unlock significant additional opportunities for our firm and our clients. We remain committed to identifying and supporting the next generation of leading Saudi enterprises.”

To date, Investcorp has made seven investments in KSA, including prominent local champions such as BinDawood, L’azurde, Theeb Rent A Car, and Al Borg Medical Laboratories, operating across diversified sectors such as Healthcare, Retail, Manufacturing, Leasing and Industrial Services. Investcorp’s portfolio companies employ over 23,000 employees across the KSA.