Manama: Mumtalakat, the investment arm of Bahrain, announced its acquisition of a significant equity stake in a UK-based specialised water treatment company, Envirogen Group.
The acquisition was completed alongside Gecos Invest and Hermes GPE Environmental Innovation Fund through a joint investment syndicate led by Promethean UK Opportunities Fund II, LP (PUOFII), said a statement.
The transaction value and other terms were not disclosed.
Envirogen is a specialised international provider of environmental technology and process solutions for the treatment of water, wastewater, vapour emissions and material recovery, with operations across Europe and North America.
It offers water treatment and process filtration solutions to a predominantly blue chip customer base across a range of industries including food and beverage, chemicals and refining, mining and power.
Through its strategic alliance with Mumtalakat, Envirogen aims to expand its operations into Bahrain and the GCC region to serve the vastly growing regional demand for effective water treatment solutions.
Mumtalakat chief executive Mahmood Al Kooheji said as an “active, value-adding investor”, the firm aims to leverage its strong regional knowledge and network to enable Envirogen to tap into regional growth opportunities.
The investment in Envirogen also met the firm’s objective to invest in well-positioned international businesses with proven track records of performance and solid growth potential, he added.
With its proprietary, innovative technology at the heart of its offering as well as expertise serving a global client base, Envirogen has earned a strong reputation as a water purification industry leader.
Mr Al Kooheji said through its representative on the board of Envirogen, Mumtalakat aimed to work closely with the company’s management team to fulfil future growth objectives and expansion plans in the GCC.
Envirogen chief executive Andrea Davi as a strategic shareholder, Mumtalakat was expected to help with the company’s expansion into the Mena region.
“Our strategy is to expand our business, by offering long-term solutions to our customers based on our proprietary know-how through the service-to-operate model.
“Envirogen has a skilled team in place to develop our presence in the region. Working alongside an investor such as Mumtalakat provides Envirogen a unique opportunity to realise the significant potential of the GCC market.”
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