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First Islamic Investment Bank buys US paper firm
DUBAI - The First Islamic Investment Bank has announced that along with its co-investors it has taken possession of a substantial part of American Pad and Paper LLC (Ampad). Ampad is one of the largest manufacturers and distributors of paper-based office products in the United States.
First Islamic was founded in 1997 with a paid-up capital of $112.5 million and more than 100 shareholders. Its headquarter is in Bahrain with offices in Atlanta and London. The bank’s main areas of business are direct investment, real estate and asset management. Till date, it has undertaken direct investment transactions of more than $1 billion and real estate transactions over $2 billion. Atif A. Abdulmalik, chief executive officer of First Islamic, said: “We believe that we have acquired a company that has a significant free cash flow generation capability at an attractive price and will allow us to further diversify our investment portfolio.”
Ampad, established in 1988 has its headquarters in Plano, near Dallas, Texas. Presently, it is one of the leading US suppliers of writing pads and notebooks, retail envelopes and speciality papers. The firm markets its products under several recognised brand names like, Embassy, Evidence, Globe-Weis, Gold-Fibre, Regal Mills and World Fibre. It is a one-stop-shop in the estimated $5 billion North American office products industry and is the market leader in the retail channel for each of its four primary products lines.
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