UIB advised on Shari´ah compliant secondary buy-out of BWA
1 October 2008
International law firm, Stephenson Harwood, advised United International Bank B.S.C.(c), a Bahraini based investment bank on one of the first ever Shari'ah compliant secondary buy-outs in the UK. The transaction involved the secondary buy-out of BWA Water Additives, a leading UK water treatment solution provider, from Close Brothers Private Equity Limited.
BWA Water Additives, a world leader in the development and marketing of high performance speciality chemicals for water treatment, has a significant presence in the Middle East. This acquisition provides UIB with the opportunity to support BWA with its expansion in the region.
Tony Edwards, corporate partner and head of the private equity practice at Stephenson Harwood said: "We are delighted to have had the opportunity to work alongside UIB on this groundbreaking deal. This transaction, structured in accordance with the Islamic Shari'ah principles demonstrates the growing popularity of Shari'ah compliant investments providing attractive returns for the Islamic investment market."
Nabeel Kazerooni, Head of Equity Investment Group at UIB said, "This deal is an exciting step for UIB and demonstrates our business ethos to invest in niche industries and sectors that offer the potential of sustainable growth while providing excellent returns. The complex nature of this deal meant that we needed top quality legal and commercial advice. Stephenson Harwood ticked all the boxes."
The Stephenson Harwood team was led by Tony Edwards and included, amongst others, Leigh Sayliss, Catherine Robinson, Bernice Cole, Jeremy Glover, Maryanna Sharrock, Sheila Obhrai and Julianne O'Leary.
Business Development Asia LLC were corporate finance advisors to UIB and the financing for the transaction was provided by Royal Bank of Scotland, HSBC and the Royal Bank of Scotland Equity Fund.
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