Investment group Samena Capital has acquired a 30.6 percent stake in RAK Ceramics. The seller was the ruling family of Ras Al Khaimah, which will continue to maintain a “significant” stake in the firm. No financial terms were disclosed. As a result of the transaction, Samena Capital will take a seat on RAK Ceramics’ board. Headquartered in the United Arab Emirates, RAK Ceramics is a ceramics manufacturer.
Dubai, UAE; June 15, 2014: Samena Capital, a principal investment group focused on the Subcontinent, Asia, Middle East and North Africa, today completed the landmark acquisition of 250 million shares of RAK Ceramics PSC, representing 30.6 per cent of the equity of the world’s largest ceramics maker. Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics, and the two companies will work together to use private equity strategies to unlock new growth opportunities.
Listed on the Abu Dhabi Securities Exchange, RAK Ceramics was established in 1989 by H.H. Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah and UAE’s Supreme Council Member, who had the vision of creating an export-focused manufacturer active in more than 160 countries. Today, with annual revenues of approximately US$1 billion, the company’s success is guided by H.H. Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah, and the Chairman of RAK Ceramics.
Stake in RAK Ceramics
The acquisition was made through Samena Capital’s subsidiary, Samena Limestone Holdings and its consortium of international investors including two Gulf sovereign wealth funds. The shares were acquired from the ruling family of Ras Al Khaimah, who will continue to maintain a significant holding in the business.
H.H. Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah, and the Chairman of RAK Ceramics, said: “This investment by Samena Capital heralds the start of a new and exciting chapter in the development of RAK Ceramics.
Samena Capital brings a value-added network in our core markets as well as international private equity expertise and business and financial capabilities to our company. We believe that this will add immense value to the organization by sharpening our company’s long-term business strategy, driving further growth and improving our overall productivity.”
Shirish Saraf, Founder & Vice Chairman, Samena Capital, said: “RAK Ceramics stands apart as home-grown brand that has become a dominant global player within its industry and is a true success of private entrepreneurship from the Arab world.
We thank all of our partners for making this deal possible and we look forward to working closely with the RAK Ceramics team to unlock new operational and commercial opportunities.”
Samena Capital was established in 2008 as a principal investment group focusing on the SAMENA region. Its distinctive model brings together entrepreneurs and business leaders from across the region as shareholder-investors. The company has regulated investment advisors based in London, Dubai, Hong Kong and an affiliated office in Mumbai, who collectively manage total capital commitments of approximately US$700 million across three primary investment strategies: private equity, credit and hedge fund seeding.
RAK Ceramics currently exports tiles and other ceramic products across the globe, with an annual output of 117 million square metres of tiles, 4.6 million pieces of bathware and 24 million pieces of tableware.
About RAK Ceramics PSC
RAK Ceramics is a USD 1 billion global conglomerate that supplies to over 160 countries and has been officially recognised as world’s largest ceramics manufacturer with annual output of 117 million sq.m. of tiles, 4.6 million pieces of bathware and 24 million pieces of tableware. RAK Ceramics offers a comprehensive product portfolio comprising over 8,000 designs in ceramic tiles, GresPorcellanato, and several models in bathware. RAK Ceramics has earned distinctions such as the Best Brand of 2010 and CSR Company of 2011 at Middle East Business Leader’s Summit and Awards and recently the CMO Asia’s Best Brand 2011. The company was also honoured by the Emirates Securities and Commodities Authority (ESCA) for complying with good governance and transparency according to best international practices. RAK Ceramics has also maintained its Superbrand status for the fourth consecutive year and continues to be a global pioneer in the world of ceramics through innovative eco-friendly products such as RAK SLIM, Wood Art Collection, Stone Art Collection and Orion Collection using the latest Nanopix digital printing technology. RAK Ceramics is also the founding member of Emirates Green Building Council, which supports the development of sustainable buildings in the UAE.