Dubai-based alternative investment firm NBK Capital has exited Saudi Arabia’s Energia Model Trading & Contracting LLC, marking its 10th liquidity move from its private credit portfolio.
The investment firm, which is a fully owned subsidiary of the National Bank of Kuwait, had provided a $26-million growth capital facility to Energia in November 2017. It said it exited Energia as an Abu Dhabi-based investment firm backed the company. NBK didn’t identify the Abu Dhabi investor.
NBK Capital had invested in Energia to help it expand its business and gain from the uptick in construction activity that had been spurred by funding as part of the Saudi Vision 2030.
Energia is present across the kingdom and offers fleet and deep engineering capabilities in the construction sector. In the last five years, the Saudi company’s revenue more than doubled and its fleet size went up by a fifth.
NBK said it has led seven investments in Saudi Arabia, including three through private credit vehicles, and the firm continues to see attractive opportunities in the country.
“The firm plans to deploy more capital in attractive regional credit opportunities from its recently launched NBK Capital Partners Shari’ah Credit Opportunities Fund, anchored by Saudi Arabia’s Public Investment Fund and other institutional investors,” NBK said in a statement.
Earlier this year, the company announced its NBK Capital Partners Mezzanine Fund II closed a US$10 million financing facility with Uber’s exclusive vehicle supply partner in Africa, the mobility fintech Moove. The asset-backed venture debt marked the sixth investment from the fund.
Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital, said: “We have consistently and reliably provided flexible, long-term financing to middle-market companies during periods of rapid growth allowing them to exploit market opportunities. Energia effectively utilised the growth capital facility to become one of the strongest players in its sector in the Kingdom.”