UAE’s Aliph Capital buys The Pet Shop as part of first fund

DUBAI, Nov 17 (Reuters) – Abu Dhabi-based Aliph Capital, the Middle East’s first woman-led private equity firm, said on Thursday it has completed the 100% takeover of Emirati business The Pet Shop at Kasamar Holdings.

The investment, the value of which has not been disclosed, is the first from the company’s Aliph Fund I (LP), in which Abu Dhabi’s sovereign wealth fund ADQ has invested $125 million, or half of its total.

“In addition to the takeover, Aliph Capital is injecting significant growth capital into TPS to expand its presence in the UAE and the region and solidify its leadership position in the companion animal space, with TPS expected to enter other fragmented markets. of the GCC, including KSA (Saudi Arabia) and Qatar,” Aliph said in a statement.

Kasamar Holdings is a family office that invests in regional private equity, global real estate and public securities.

“We believe the industry has tremendous potential for continued growth and we are delighted to hand over to Aliph to continue expansion in the region,” Kasamar Director Mo Bissiso said in the Aliph statement. .

Aliph, which targets medium-sized businesses, said the pet care market in the UAE was worth $361 million in 2020 and was the largest in the Gulf, adding that it is expected to see a growth rate. annual compound of 9 to 11%.

Petsville founder Amr Hazem will become general manager of TPS to lead the development and expansion of the business, Aliph said.

The Pet Shop, which owns The Pet Shop, and Petsville brands, operates retail stores, the first regional e-commerce site for pet products and provides pet services ranging from boarding to daycare, training, relocation and grooming.

Aliph plans to deploy its first fund in around 10 to 12 companies, chief executive Huda al-Lawati told Reuters last month.

Reporting by Yousef Saba; Editing by Alexander Smith & Shri Navaratnam

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