Dividend Gate Capital (DGC), a Bahrain-based private equity firm, said it has signed an agreement to partner up and acquire 50 per cent of Solara Joinery & Interiors Company, a leading carpentry headquartered in the kingdom.
Established in 2015, Solara caters to the growing need for specialised turnkey interior design and fit-out solutions including joinery, custom and volume case goods and furnishing.
The company has a well-equipped manufacturing facility capable of producing top class products of international standards.
DGC said its investments into the carpentry sector will accelerate Solara’s growth plan and elevate their existing business and expand their footprint in the Bahraini market as well as the GCC.
The group’s operations are expected to double with a larger facility already underway to accommodate the company’s growth and uptick in demand, it added.
Commenting on the deal, CEO Khaled Al Hammadi, said DGC was pleased and excited to be a part of Solara’s growth and looked forward to working with the existing team.
"At DGC, we are constantly seeking opportunities to invest in companies in Bahrain and the region and we constantly look to add value and create synergies in all our acquisitions," noted Al Hammadi.
"The team at Solara are ambitious and I believe that together, we can take this company to the next level and establish ourselves as the premier carpentry firm in the kingdom," he noted.
He was speaking at the signing ceremony which was also attended by the representatives from Solara, namely Ali Al Matrook and Mohammed Haji.
Solara Joinery & Interiors chairman Mohammed Abbas Haji said: "As an emerging business seeking to become leaders of the carpentry industry in Bahrain and the region, it gives us great pleasure to partnering up with a well-established private equity firm such as DGC that adds a tremendous amount of knowledge and experience to us."
"This partnership with DGC demonstrates their trust in our ability to succeed, and this will add value to our business and enable us to grow and reach our maximum potential," stated Haji.
Solara has also provided manufactured furniture, closets and doors to a number of leading projects in Bahrain including The Grove Hotel, The Grove Resort & Spa, Jewel Hotel, Haji Residence and Zawya 3.-TradeArabia News Service