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Private Equity in the MENA Region

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Private Equity in the MENA Region Foreword Dear Friends of the MENA Private Equity Association and Colleagues, I am much honored to introduce the 8th edition of the “Private Equity & Venture Capital in the MENA Region” annual report. Since 2006, this report has presented the state of our industries and overall economic development in the region. Those of you who have been part of the region’s private equity and venture capital landscapes would likely agree that this period of time represents an eventful part of our professional lives. We witnessed extraordinary economic development with the cyclical ups and downs of which we are all aware, as well as a crippling financial crisis that deeply impacted both investors and the region’s growth and development opportunities. Such challenging circumstances have profoundly impacted the stakeholders in our investment community, including regulatory bodies, the general public, fund managers, and entrepreneurs. In particular, these groups have developed a sophisticated view of what actually drives economic value and the role private investors can play to foster and accelerate the development and growth of companies and industries to build a sustainable and internationally competitive regional economy. This has led to a fundamental shift in the relationship between private equity investors and managers. Investors have become more knowledgeable, and therefore more selective and vocal, and managers have generally adjusted to accommodate the needs of these more sophisticated investors. As a result, we are continuously gaining more trust from all of our stakeholders – and this is actually the key factor for the long-term success of our industry. The MENA Private Equity Association is not only the platform through which we can collaborate and communicate our efforts, but also the collective voice that conveys the impact of our investment activities on the regional economy and supports our relationships with other private equity and venture capital associations around the world. By delivering superior transparency, sharing global best practices, providing training, and actively participating in regional and global industry discussions, we can guide others on the path towards sustainable value creation, successful businesses, and healthy returns for investors. Let us all work together to make that happen and let us actively tap global intellect and resources that will help us to achieve our goals. Participation in the MENA Private Equity Association, through both engaged membership and provision of investment data, will shed light on the actual development of our industry in the Middle East and North Africa. This transparency is critical to regaining the trust and interest of international investors in deploying capital to our region, which in turn will drive success in fundraising efforts. I extend a special thank you to our Director, Lina El Zein, as well as her advisors and service providers who are tirelessly supporting our cause. Last but not least, we want to thank the sponsors of the MENA Private Equity Association and, more particularly, of this 2013 annual report. Sincerely Yours, 3 e MENA Private Equity Association extends its sincere appreciation to Zawya for sharing primary data and industry insights that informed this annual report. We are most grateful to KMPG for developing the report analysis. KPMG Brad Whitteld, Associate Director, Private Equity and Sovereign Wealth Funds, KPMG Charlotte Harris, Associate, KPMG Vikas Papriwal, UAE Head of Transactions and Restructuring, KPMG Zuhaib Khan, Assistant Manager, KPMG Zawya - Thomson Reuters Ali Arab, Product Manager, Zawya Financial Solutions, omson Reuters Josiane Assaad, Content Manager, Zawya Investment Monitors, omson Reuters Youmna Akiki, Research Associate, Zawya Investment Monitors, omson Reuters Steering Committee We also thank the annual report steering committee for its valuable input and contributions towards the development of this report. Ali Arab, Product Manager, Zawya Financial Solutions, omson Reuters Anthony Hobeika, Head of Research and Strategy, Gulf Capital Dr. Helmut Schuehsler, Chairman, TVM Capital Group & CEO, TVM Capital Healthcare Partners Haythem Macki, Partner, Growthgate Capital Huda Al-Lawati, Managing Director, e Abraaj Group Imad Ghandour, Managing Director, CedarBridge Partners Karim Ben Salah, Managing Director, Malaz Capital Samer Sarraf, UAE Country Head, Amwal AlKhaleej Media Task Force We are most grateful for public relations and media campaign support from the following: Nahed Ashour, Senior Manager Arabic Content and Media, Capital MSL Sponsors Without the support of the following generous sponsors, this report would not have been possible. We also extend our thanks to the thought leadership and survey participants. 4 5 Sponsor Profile Abdullatif Alissa Group Holding Company (AAGH) Headquartered in Riyadh, the Kingdom of Saudi Arabia (KSA), the Abdullatif Alissa Group Holding Company (AAGH) embodies success and leadership that have been built on values, forward thinking, and diversity. Established in the 1940’s with a primary focus in textiles and foodstu trading, over the past six decades the Alissa Group has evolved into a diversied conglomerate. Today, the Alissa Group is considered a pioneer of automotive sales, service, nancing, and leasing in the Kingdom. e group has diversied interests through its Investment and Business Development Division (IBDD) from the Middle East to the Far East, in sectors such as real estate, building materials, consumer nance, food and beverage, retail, manufacturing, and services – all created to complement the AAGH ecosystem and enhance stakeholder value. With a complete separation of ownership and control, built on best practices and managed by seasoned professionals who possess an unwavering commitment to quality and service excellence, the Alissa Group enjoys a respected position in the Kingdom and is considered the benchmark of a successful, institutionalized, family-owned conglomerate. AAGH understands that success comes not from standing still, but through intelligent diversication and leveraging existing assets. We believe our next generation of growth will derive from new opportunities and diversication. rough the combined power and resources of AAGH, we provide the experience, expertise, and contacts to help our investments reach the next stage and beyond. We understand that every company is unique, as are its opportunities and challenges. Regardless of the vertical or moment in time, every successful company has common traits, such as strong fundamentals, a solid business model, seasoned management, and long-term vision. We seek great ideas from various sectors. We keep an open mind and consider unique opportunities. We strategically invest in new businesses that complement our existing ecosystem. We do this through organic development or by inorganic means i.e. by way of mergers, acquisitions, or partnerships. 6 7 Sponsor Profile Growthgate Capital Corporation is a growth investment rm that conducts direct equity investments with an emphasis on mid-sized companies operating in the GCC and the wider MENA region. Growthgate Capital is a permanent capital investment rm that was formed in 2007, and has representative oces in Beirut and in Dubai. GrowthGate Capital has circa $1.7 billion of assets-under-monitoring and a shareholder equity of $450 million. e founding shareholders of Growthgate Capital include State-owned banks, public pension funds, investment companies, single-family oces and a group of prominent corporate leaders from the Middle East region. www.growthgate.com Vision. Integrity. Focus. 8 9 Sponsor Profile Sponsor Profile Investing in Value Creation in Healthcare Zawya, a omson Reuters business, is the preeminent source of Middle East and North Africa business intelligence. Our membership solutions provide unique TVM Capital Healthcare Partners Ltd. was established in 2009 as a content and tools including detailed proles on public and DFSA-licensed fund manager operating out of the Dubai private sector companies in the region, unparalleled International Financial Centre (DIFC), and was the region’s rst reporting on MENA markets, asset classes, and details of private equity rm dedicated exclusively to the healthcare sector. regional projects to provide in-depth analysis for investors We have established ourselves as a developer of healthcare and business professionals in order to make more business concepts, as well as an investor and leader in building informed investment decisions and build protable growth businesses in private healthcare in the MENA region and relationships. India. We focus on companies in the eld of healthcare services, pharmaceuticals, devices, and other hospital-related businesses. Its free news site, Zawya.com, attracts C-level professionals TVM Capital Healthcare Partners’ strength is the breadth and from the business and nance world providing breaking depth of our international relationships, our commitment to news powered by Reuters as well as content from major quality, transparency, and innovation in the way we do business. regional providers. Zawya.com Arabic oers a broader Our strong local presence, excellent investors, and a strategic selection of news genre for the Arabic speaking global partner network provide a powerful support system for community, reaching graduates up to senior level the entrepreneurs and management teams we back. managers from across the MENA region. Empowering entrepreneurs and SME community within the We
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