Dubai-based private equity firm Levant Capital has invested $30 million for an undisclosed minority stake in APR Energy, a provider of temporary power generation services.
Established in 2001 and headquartered in the US and Argentina, APR Energy operates power plants in Haiti, Costa Rica and Argentina. It has also been contracted to begin power generation operations in South America and Africa through the rest of 2009.
The capital will be used to fund APR Energy’s growth and to support additional capital investment for power generation equipment and projects globally, the company said.
APR Energy is looking to expand its operations in the Gulf region and North Africa, John Campion, chief executive of the company, said in a statement.
The investment was made out of the MENA Transformation Fund I, which closed on $100 million in December 2007. The firm’s maiden fund invests across all sectors at an average deal size of $20 million. It is presently 80 percent invested.
“The fund targets companies that require growth capital or buys out companies at a growth stage,” Philippe Audi, executive director of Levant Capital, said in an interview. “We are now looking at deals in the equipment rental, healthcare and education sectors,” he added. The firm invests in the GCC countries, Turkey, Levant and North Africa.
Levant Capital was founded by Prince Khaled bin Alwaleed bin Talal Alsaud, a Saudi Prince, and its management team in 2005. It has five investment professionals in its Dubai office.