Buyout of Saudi fire security business draws regional backers
Bahrain-based Investcorp is among the backers. Bahrain-based Investcorp has joined a group of Saudi investors to acquire industrial fire safety and security business REDA Gulf as it prepares for an initial public offering in the next few years. The deal was one of the first involving a foreign investor into the kingdom since the war with Iranian-backed Houthi militias escalated in recent weeks. The buyout was led by Thara Future Investments, founded by former Public Investment Fund executive Hisham Attar, and Saudi family office AlTouq Group. “REDA is a leading company in a highly regulated industry, and stands to benefit from a greater focus on safety and security,” Attar told Semafor. “We believe that investors in the kingdom supporting the themes of economic diversification and resilience will be rewarded in due course.” The deal is also a bet on a recovery in Saudi Arabia’s IPO market, where recent listings slumped immediately after their debut and a new set of regulations could deter investment banks from underwriting deals. The investment is the second for Thara, which is backed by some of the kingdom’s most prominent private investors and family offices. The firm aims to sou
Bahrain-based Investcorp is among the backers. Bahrain-based Investcorp has joined a group of Saudi investors to acquire industrial fire safety and security business REDA Gulf as it prepares for an initial public offering in the next few years. The deal was one of the first involving a foreign investor into the kingdom since the war with Iranian-backed Houthi militias escalated in recent weeks. The buyout was led by Thara Future Investments, founded by former Public Investment Fund executive Hisham Attar, and Saudi family office AlTouq Group.
“REDA is a leading company in a highly regulated industry, and stands to benefit from a greater focus on safety and security,” Attar told Semafor. “We believe that investors in the kingdom supporting the themes of economic diversification and resilience will be rewarded in due course.” The deal is also a bet on a recovery in Saudi Arabia’s IPO market, where recent listings slumped immediately after their debut and a new set of regulations could deter investment banks from underwriting deals. The investment is the second for Thara, which is backed by some of the kingdom’s most prominent private investors and family offices.
The firm aims to source deals in Saudi Arabia, syndicate locally, and partner with international investors, rather than raise a typical private equity fund, Attar said. Investcorp participated through its $500 million Saudi Pre-IPO fund.