Abu Dhabi-based Aliph Capital, the Middle East’s first female-led private equity firm, said it had completed a 100 per cent buyout of UAE business The Pet Shop from Kasamar Holdings on Thursday.
The investment, the value of which was not disclosed, is the first under the firm’s maiden fund Aliph Fund I, in which ADQ, the smallest of Abu Dhabi’s three main sovereign wealth funds, invested $125 million, half of the total investment.
Aliph, which targets medium-sized companies, said that the pet care market in the UAE was worth $361 million in 2020 and was the largest in the Gulf, forecasting a compounded annual growth rate (CAGR) of between 9 and 11 per cent.
The Pet Shop, which owns the brands The Pet Shop, DubaiPetFood.com, and Petsville, runs retail stores and a regional e-commerce site selling pet products, alongside providing pet services from boarding to day care, training, relocation, and grooming.
It has five stores, which include a 54,000 square foot megastore in Dubai.
Petsville founder Amr Hazem will become CEO of The Pet Shop to lead the company’s business development and expansion, said Aliph Capital according to Reuters.
Aliph aims to deploy its first Aliph Fund I across around 10 to 12 companies, CEO Huda Al-Lawati told Reuters last month.
A spokesperson for Aliph Capital, who wishes to remain unnamed, said in a statement: “In addition to the buyout, Aliph Capital is injecting significant growth capital into TPS to expand its presence across the UAE and the region and consolidate its leading position in the pet space, with TPS expected to enter other fragmented GCC (Gulf Cooperation Council) markets including KSA and Qatar,” reports Reuters.
Mo Bissiso, director of Kasamar Holdings, told Reuters: “We believe the industry has tremendous potential for continued growth and are delighted to pass the baton to Aliph to continue the expansion in the region.”
Established in 2021, Aliph Capital is an Abu Dhabi Global Market (ADGM) based private equity fund manager focused on mid-market and emerging high-growth enterprises in the GCC.
Aliph aims to provide growth capital to attractive companies across the GCC with an active ownership model focused on growth, sustainability and bridging the old and new economy gap through digitisation and technological enablement. Aliph invests in businesses which create positive economic, social, and environmental impact for GCC nations, whilst generating attractive returns.
Kasamar Holdings, Aliph’s previous holder, is a family office that invests in regional private equity, global real estate and public securities.
