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Capital Street Parnters advise in the the sale of HVAC company in the UAE
Source: AMEInfo, 24th June 2010
The Italian Air-conditioning company, Mekar has increased its stakes in the HVAC industry in the UAE. Mekar is part of the Aliseo Group in Italy and had partnered with the Koohiji Group for more than 10 years in the UAE.
Koohiji Group, a regional conglomerate, has divested its shares in their air-conditioning businesses, which the Italian Group has acquired.
This was a strategic move by both parties which enables them to focus on their respective core competencies and businesses. Mekar is spreading its sales network into the GCC countries and India whilst the Koohiji Group is now focused on expanding its existing distribution, services and logistics businesses.
Mekar will now be selling its entire range of products directly to its customers in the Middle East region through Mekar Air Handling Units LLC. Royal Gulf LLC will focus on marketing several other HVAC products like acoustic insulation and industrial ventilation fans. Both companies are now owned by the President of Aliseo Group, Mr. Francesco Boaro.
Mr. Francesco Boaro, who is the President of the Aliseo Group, has been appointed as the Chairman of the board of Directors of both Mekar and Royal Gulf. Mr. Arun Tuli continues to be the Managing Director for both the companies and is responsible for the entire GCC operations. Mr. Siddu is heading the sales and marketing functions of both the companies.
Capital Street Partners, a Dubai based boutique advisory focused on serving small to medium size enterprises advised the Koohiji Group in the transaction.
