Abu Dhabi, 29 June, 2016 – TNI, Investcorp and Eastgate Capital (the “Consortium”) successfully listed on the Saudi Stock Exchange (“Tadawul”) 12.9 million ordinary shares of its portfolio company L’azurde Company for Jewelry (“L’azurde” or the “Company”), representing 30% of the company’s share capital at a value of SAR 477.3 million.
L’azurde is the largest manufacturer and wholesaler of gold jewelry in the Middle East and the world’s fourth largest gold jewelry manufacturer globally, with revenues in 2015 of SAR 530.1 million. The Company designs and manufactures gold jewelry in Egypt and Saudi Arabia, and distributes and sells gold jewelry across more than 52 countries through more than 2,200 independent retailers. L’azurde, which employs more than 2,700 employees, also operates its own portfolio of 14 retail L’azurde-branded jewelry stores which the Company hopes to expand in the coming years.
The Consortium owns a majority stake of 77.5% in L’azurde. The listing is a testament to the high caliber of the management team, and the value created by the private equity Consortium, which brought about a number of operational improvements, including working capital efficiency, improved relations with lenders, a strong and capable management team and a robust corporate governance framework. The initial public offering, which saw an overwhelming response from both institutional and retail investors, represents a successful outcome for the TNI Growth Capital Fund and TNI’s investor base.
TNI is a leading Abu Dhabi-based investment management and advisory firm with fourmain activities: Private Equity, Principal Investments,Asset Management and Investment Banking. TNI has made over two-dozen investments in its 20-year history. Apart from L’azurde, notable investments include some of the most prestigious companies in the region, including Aldar, Aramex, Aabar, Tabreed, Depa, NAS United Healthcare Services and Colliers, to name a few. TNI has exited many of these investments realizing an aggregate IRR in excess of 25% over its history.