GrowthGate, a growth investment company operating in the GCC markets and the wider Mena region, on Thursday announced the exit of its investment in Roots Steel International (RSI) with the signing of the definitive sale agreement.
GrowthGate sold its minority stake in RSI to a consortium of majority shareholders. This was the first exit for GrowthGate amongst its Saudi investments. GrowthGate has realised on this exit a record return in excess of 3x.
GrowthGate invested in RSI in 2010 having helped carve out this business entity from its parent company in Saudi in an astutely crafted financial engineering deal. GrowthGate has assisted RSI in expanding its operations and markets via non-organic growth initiatives including the acquisition of Ginco Steel LLC and Polyco Limited Co LLC in 2011.
Read more: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=/data/uaebusiness/2013/February/uaebusiness_February247.xml§ion=uaebusiness
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