Citadel Capital, an investment company based in Africa and the Middle East, has secured a 49% stake in Sphinx Glass, a float glass manufacturer, from DH Investors Ltd.
GlassWorks is Citadel Capital’s platform company in the regional glass manufacturing industry, and includes portfolio companies Sphinx Glass and Misr Glass Manufacturing (MGM).
Sphinx Glass operates a 600 ton per day greenfield float glass production facility in Sadat City (Egypt). The company began full operations in April 2010 and caters to both export and domestic markets.
Sphinx Glass reported an 18.0% year-on-year rise in sales in the first half of 2013 to EGP 179.4 million, while EBITDA in the same period rose 45.8% to EGP 50.3 million.
The acquisition from DH Investors Limited, when executed, will give Citadel Capital an effective 59.7% stake in Sphinx Glass.