Abraaj Capital, the Middle Eastern private equity firm, has acquired a 50 percent stake in Numarine, a Turkish luxury-yacht manufacturer, for an undisclosed sum.
Mustafa Abdel-Wadood, a managing director at Abraaj Capital, said in a statement that the company is well positioned to benefit from the growing demand for high quality yachts. “The leisure and luxury marine market has demonstrated positive, long-term growth through economic cycles,” he said.
Numarine is looking to tap into the growing markets of the Middle East, Asia and Eastern Europe. The investment will be used to expand the company’s production facilities and to boost research and development, and product design.
The Numarine investment is Abraaj’s second in Turkey and third in the marine business. Last year, the firm bought a 34.8 percent stake in Turkish healthcare group Acibadem Healthcare Services, in partnership with the chief executive of the company, who also acquired a 34.8 percent stake.
The firm has also invested in ART Marine, a Dubai-based luxury-yacht distributor; and Gulf Marine Maintenance & Offshore Company, which provides services to the oil and gas industry.
Abraaj Capital invests in the Middle East, North Africa and South Asia. The firm manages assets of about $5 billion. Earlier this month, it established operations in Pakistan with an office in Karachi and appointed Farrukh Abbas as chief executive.