Bahraini asset management firm Investcorp has acquired US kitchenware retailer Sur La Table.
“We believe that Sur La Table is poised to achieve significant growth, supported by its solid positioning in its existing markets, widespread geographical presence and successful online platform,” says Mazin al-Khatib, managing director at Investcorp.
Investcorp refused to detail the value of the acquisition, but the firm focuses on mid-market segment and pays anywhere between $150m to $500m for its acquisitions.
“Historically for the past 12 years we have invested in Europe and the US, they are our core markets, but in 2007 we began investing in the Gulf,” says a spokesperson for Investcorp.
The firm has completed five transactions in the Middle East, three of which are in the Gulf, including Saudi Arabian based jewellery manufacturer L’Azurde, Kuwait’s Gulf Cryo, Dubai-based communications distributor Redington Gulf.