Abu Dhabi: Gulf Capital, an Abu Dhabi-based alternative investment firm, has announced that Middle East Glass (MEG), one of its portfolio companies, has acquired a 100 per cent shareholding in Misr Glass Manufacturing (MGM), specialists in the manufacturing and marketing of container glass for the food and beverage industry.
The acquisition creates the largest glass packaging manufacturer not only in Egypt but also in the Middle East and North Africa (Mena) region, Gulf Capital said in a statement.
“This latest acquisition of Misr Glass Manufacturing gives the combined businesses significant scale and allows MEG to increase its share of exports. The investment in MEG and MGM fits with our strategy to partner with exciting local companies and to grow them into regional and global leaders,” said Dr Karim Al Solh, CEO of Gulf Capital.
According to Gulf Capital, MEG, which was established in 1979, is an approved supplier of multinational companies such as Coca-Cola, Pepsi and Nestle and is positioned to grow its exports in regional and international markets.
This is the second acquisition for the company in recent times.
Earlier this month, Gulf Capital announced that OCB Oilfield Services had acquired 100 per cent of Kuiper International, which is headquartered in Singapore.
Gulf Capital is investing across several asset classes, including private equity, private debt and real estate. It currently manages over Dh12.4 billion of assets across 10 funds and investment vehicles.
