Abraaj Capital, the premier investment firm specialising in private equity investment in the Middle East, North Africa and South Asia (MENASA) regions announced today the sale of its majority stake in Septech Holdings Limited, generating a 39 percent internal rate of return (IRR) over a three-year holding period.
The Abraaj stake, which was acquired through the Abraaj Buyout Fund (ABOF) in 2004, was sold to David Heffernan, Septech founder and chief executive Officer. Founded in 1997 and headquartered in Sharjah, UAE, Septech's main activity was concentrated on packaged wastewater system in 2004, at the time of acquisition.
Today, Septech is active in water and wastewater related systems, products and services, including water and wastewater treatment, landscaping and environment, pre-cast concrete products and marinas. Its activities span consultation, design, manufacturing, installation, operation and maintenance.
Septech has focused on achieving significant penetration into regional markets through tie-ups with strategic partners and the introduction of new products and services. For the six-month period ending June 2007, Septech posted a 114 percent increase in revenues compared to the same period last year,
Arif Naqvi, Vice Chairman and Chief Executive Officer of Abraaj Capital, said: "In 2004, Septech was an attractive acquisition candidate due to its profitability, significant market potential, operational strength and exceptional management. Three years later, we are extremely pleased to have been able to position this company for further growth - and to generate such a significant IRR for out investors. We wish the company and David Heffernan great success in the future."-PR
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