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Abraaj acquires stake in Septech Emirates
DUBAI - Dubai headquartered private equity firm Abraaj Capital yesterday announced the acquisition of more than 50 per cent stake valued at $12 million in Septech Emirates.
Sharjah-based Septech specialises in design and manufacture of water & waste treatment plants and pre-cast concrete infrastructure products.
The company now plans to expand its business across the GCC. David Heffernan, who founded Septech in 1997 and who will continue to stay as the chief executive and a substantial shareholder of the company, said that the buyout by Abraaj would accelerate the wastewater treatment company's growth and help it to emerge as the regional market leader.
“The partnership with Abraaj is a natural step in Septech's evolution that is in line with the company's plans for expanding beyond the UAE, pushing for growth across the region. We have already started serving clients in Oman and Qatar and with this new relationship, we expect strategic inputs from Abraaj to support the Septech management team in making us a regional market leader in the near future,” added Heffernan. The acquisition of Septech was made through the Abraaj Buyout Fund. “The rapid growth of population combined with water shortages, increasing environmental awareness and congestion in the main municipal sewage networks has put a tremendous demand on the wastewater treatment business in the region,” said Humayun Shahryar, executive director, Abraaj Capital.
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