Carlyle acquires 30 pct of Saudi's GLC
DUBAI - U.S.-based private equity firm Carlyle Group said Monday it has acquired a 30% stake in Saudi Arabia's largest lighting fixtures manufacturer and supplier.
Carlyle signed the deal with the firm, General Lighting Company, or GLC, on March 29., it said in an emailed statement.
Carlyle's investment in the Saudi firm will facilitate plans for expansion and advancement of product offering, said Abdullah Al-Hobayb, chairman and co-owner of GLC.
This is Carlyle's first investment in Saudi Arabia, said Walid Musallam, Carlyle managing director and head of Carlyle MENA.
Carlyle didn't provide details regarding the value of the deal but said equity for this investment will come from Carlyle MENA Partners, a growth capital and buyout fund that closed in March 2009.
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