Kuwaiti Private Equity Firm Buys 60% Stake In Al Sawani

Kuwaiti private equity group Global Investment House has acquired a 60% stake in the Saudi Arabian retail chain Al Sawani Food and Industrial Supply Company, which has a chain of 550 retail outlets throughout the Middle East. This acquisition was made through the bank's private equity unit Global Buyout Fund. According to a statement by Global, it plans on increasing the capital of Sawani by US$100mn in order to fund a series of acquisitions. The firm, which already controls 11% of the Saudi Arabian retail market, plans to open 150 new stores by acquiring more brands and entering new markets,

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