Investcorp takes 70% stake in jewellery giant

Bahrain-based Investcorp has led a consortium to acquire a 70% stake in Arab jewellery manufacturer L’azurde for an undisclosed sum.

The consortium includes Eastgate Capital Group and the National Investor. Investcorp made the investment through its US$1.1bn Gulf Opportunity Fund I which was launched in 2007.

With revenues of over US$500m, the Saudia Arabian-headquartered L’azurde specializes in designing, manufacturing and distributing gold jewellery for the mass market. It is the fourth largest company of its kind and according to Forbes it is one of the best known brands in the Arab world.

The acquisition of L’asurde comes two months after the fund closed its first deal with the acquisition of Redington Gulf. The Investcorp-led consortium will be responsible for institutionalizing the company and expanding it across the MENA region.

Founder, Chief executive and chairman Abdul Aziz Al Othaim will maintain his responsibilities in the newly funded company.

Executive chairman and CEO of Investcorp, Nemir Kirdar said: “Despite challenging economic and market conditions, this is evidence of the resilience of Investcorp’s unique business model. Good business opportunities are available in MENA and deals can be done.”