Saudi Arabian investment and asset-management firm Alkhabeer Capital has become a majority shareholder in UAE-based corrugated and flexible packaging products provider Express Publishing and Investment.
The Express Group operates through two business arms, Express Pack Print and Express Flexi Pack.
Express Pack Print produces corrugated packaging products for industrial use and consumer products. Express Flexi Pack produces a range of flexible packaging materials, comprising plastic OPP labels for beverage bottles and aluminium foil lids for single-serve food products.
Express Group joint founders and owners Abdulla Zubair Mylanchikkal and Abdul Qadir Mohamed Theruvath said that the company's partnership with Alkhabeer Capital will be a unique lever for growing its business in the coming years.
"Our business has witnessed solid growth over the past two decades. Express Group is well positioned to capitalise on the significant market opportunities that exist for our group in the coming years, underpinned by the significant economic growth projected post winning Expo 2020," they added.
Alkhabeer Capital executive director and chief executive officer Ammar Shata said that the acquisition of Express Group indicates that its private equity business is doing well in terms of creating partnerships with business owners in the Gulf.
"I look forward to working with Express Group's shareholders and management team in the coming years and I am confident that our partnership will deliver significant value for all parties involved as we continue to grow the business," added Shata.
Express Group exports its products to more than 25 nations while serving a range of sectors including kitchenware, water and beverages, packaged and fresh foods, household and personal care.
Image: Alkhabeer Capital acquires key stake in Express Group. Photo: courtesy of Alkhabeer Capital.