Abu Dhabi-based TNI successfully leads 50% buy-out of NCC

TNI and its partners have affirmed their support of NCC through the upcoming growth phase, which may include organic or inorganic growth opportunities to further develop the business. (Photo Courtesy: TNI)

 The National Investor (TNI), a privately owned regional investment banking group, has announced that it has successfully led a group of Abu Dhabi-based investors in an equity stake acquisition that resulted in a 50% buy-out of the National Catering Limited W.L.L (NCC), one of the largest private sector industrial catering and facility management businesses in the UAE.

Headquartered in Abu Dhabi, the NCC also operates under a few brands in supermarkets, cafes and diet management such as Souq Planet, Lavanda and Slim’n Lite. It also deals with costumers in various industries such as oil and gas, construction, healthcare and also serves in government sectors.

“This is a unique transaction for TNI and NCC, in as much as we have brought together a like-minded set of partners which can help extract synergies for the business in the long term. We hope these efforts will culminate into a listing on the stock market in the medium term,” said Yasser Geissah, CEO of TNI.

“We expect the company to continue to capture market share in the expanding oil & gas onshore and offshore industrial catering market in Abu Dhabi, benefit from the continued increase in construction activity in the UAE, and replicate its successful business model across the GCC,” said Abdullah Mazrui, Chairman of TNI, in a statement.

According to the statement, NCC has grown its revenues more than nine-fold from 2006 to 2013, resulting in an average annual growth rate of 36.2%.

“We are using favorable market conditions to expand our operations geographically as well as diversify our sector clientele. We are continuously striving to participate in the country’s growth areas such as the upcoming nuclear, railway and armed forces projects in line with the Abu Dhabi vision of 2030, in addition to expanding our presence in Dubai ahead of the EXPO 2020,” said Tarek el Goweiny, Group CEO.

NCC also operates Al Raha International Integrated Facilities Management LLC, one of its many partnerships across the region, to provide catering and facilities management services for the Al Raha and Yas Island developments in Abu Dhabi. The company has also expanded into Kuwait and Yemen.

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Last Update: Wednesday, 10 December 2014 KSA 14:43 - GMT 11:43
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