Gulf Capital has sold its stake in Egypt-listed Middle East Glass (MEG) to the majority shareholder of the business, MENA Glass Holdings.
This sale has reportedly positioned MEG as the largest glass packaging manufacturer in the Middle East and the second largest in Africa.
MEG serves a variety of industries including F&B and pharmaceuticals. It is said to be a key player in the global market, emerging as one of the top five exporters in Egypt.
During the holding period, Gulf Capital’s support enabled MEG to double its production capacity. The company expanded its facilities to operate 17 production lines and six furnaces, with an operating capacity of over 385,000 metric tons per annum.
The company also saw a tripling of its export markets, now serving over 25 countries, and an increase in its client base, growing key clients by 21 times.
Dr. Karim El Solh, co-founder and CEO of Gulf Capital, says: “MEG’s transformational journey of value creation was possible through a true partnership for growth with MEG’s management team and the majority shareholder.
“We worked together with the team to implement a clear operational improvements strategy that saw the company grow its business not only through several mergers and acquisitions but also organically by expanding into new geographies and sectors.”
Under Gulf Capital’s ownership, MEG consolidated its position in the industry through the acquisitions of Wadi Glass and Misr Glass Manufacturing.
Abdul Galil Besher, chairman of Middle East Glass, said: “Our partnership with Gulf Capital and the support we received from its investment team and operating partners across our operations have enabled the company to accelerate our growth and strengthen our market-leading position regionally.
MEG today is firmly positioned as the leading glass container manufacturer in the Middle East and North Africa.”
