Gargash Family conducts one of the largest leveraged buyout transactions in the automobile industry
Advised by Mashreq and Daman Investments, Gargash Family has acquired 100% equity in Gargash Enterprises for an undisclosed amount.
Gargash Enterprises is the largest independent Distributor for Mercedes Benz Passenger Cars and Commercial Vehicles in the world.
Commenting on the deal, HE Abdulaziz Al Ghurair, CEO at Mashreq said, “We are delighted to have partnered with Gargash Family to make this transaction possible. Gargash Enterprises are a respected pioneer in the premium car segment and our ability to enable this successful transaction reflects the strength of our Investment Banking capabilities, deep knowledge of the automobile industry, and strong client relationship.”
Sharing similar sentiments, Shehab Gargash, Director at Gargash Enterprises added, "We are very pleased with the transaction being completed and appreciate the support of our advisors Mashreq and Daman Investments. We envisage that the consolidation at the shareholding level will play a major role in ongoing growth and take the company to new heights while maintaining the core values of exceptional service to our customers.”
Gargash Enterprises has been the sole distributor of Mercedes Benz products in Dubai and Northern Emirates since 1958. The distributorship sells one out of every four Mercedes Benz vehicles sold in the Middle East. The network expands across 20 locations throughout the UAE. The company also operates Sixt Car Rental and has a diversified real estate portfolio.