Select Citadel Capital Milestones
Since its founding in 2004, Citadel Capital has executed 40 transactions, creating a portfolio of investments that span from cement, gold and agrifoods to energy, transportation and specialty real estate. A selection of key Citadel Capital milestones is below. For additional select milestones covering Platform Companies, please see Milestones in our Newsroom.
February 2009
Citadel Capital completes an EGP 275 million (US$ 50 million) capital increase despite difficult market conditions. The firm will use the proceeds to fund expansion at some of its Platform Companies. This is Citadel Capital’s fourth capital increase to date. The firm’s paid-in capital now stands at EGP 3.025 billion (US$ 550 million).
January 2009
Citadel Capital is announced MENA Private Equity House of the Year by Acquisitions Monthly, the international buy-out magazine, and Best Private Equity House in Africa by emeaFinance magazine.
The firm secures EGP 675 million (US$ 123 million) in project financing for Sphinx Glass, which is building an EGP 1.1 billion (US$ 200 million) greenfield float glass plant in north Cairo. The plant will have the capacity to produce up to 220,000 tons of glass per annum and will cater to both the local and export markets when operations begin in 2010.
August 2008
Citadel Capital acquires El Aguizy International, a well-known specialty exporter, as a bolt-on acquisition for Gozour, the firm’s integrated regional agriculture and consumer foods platform. Gozour plans to help El Aguizy boost its export sales and add further to its land bank in Egypt.
Summer 2008
As the supply of top global management talent increases, Citadel Capital accelerates the pace of recruiting senior staff for its Platform Companies.
July 2008
Capping a series of on-market sales in the first half of the year, Citadel Capital completes a partial exit of ASCOM, its regional mining platform. The firm reduces its shareholding in ASCOM to 49.9% from 61.5% for total proceeds of US$ 45 million.
June 2008
Citadel Capital launches the first leg of a road show to market a new US$ 500 million joint investment fund targeting global and regional institutional investors. The fund is designed to expand Citadel Capital’s fundraising to also include regional sovereign wealth funds and leading Western institutions.
September 2007
The firm acquires Calgary-based Rally Energy Corp., a listed oil and gas production and exploration company with operations in Egypt and Pakistan, for US$ 868 million.
September 2007
Citadel Capital begins a string of acquisitions that will culminate in the launch of Gozour, its regional integrated agricultural and multi-category consumer foods platform.
September 2007
The firm establishes GlassWorks, which acquires a 35% stake in Misr Glass Manufacturing.
August 2007
Citadel Capital establishes Bonyan, a specialty real estate developer that will develop commercial real estate projects including Egypt’s first state-of-the-art design, furniture and home accessories mega-malls.
June 2007
Citadel Capital sells the Egyptian Fertilizer Company (EFC) in a landmark deal valuing its equity investment at US$ 1.41 billion.
June 2007
The firm establishes the Egyptian Refining Company (ERC), which will construct, own and operate a state-of-the-art second stage hydrocracking / coking facility in the Greater Cairo area.
June 2007
Citadel Capital opens its first office outside Cairo in Algiers, Algeria.
January 2007
The firm acquires a 31.5% stake in the National Company for Maize Products as a bolt-on acquisition for Gozour in a deal worth EGP 162.5 million (US$ 29.5 million).
December 2006
ASCOM Geology and Mining, the premier Egyptian mining company, is spun off from ASEC Holding and listed on the Cairo and Alexandria Stock Exchange (now the Egyptian Exchange, EGX). ASCOM becomes a Platform Company for mining with interests in industrial minerals and precious metals.
September 2006
Citadel Capital establishes the National River Transportation Company (NRTC) to capitalize on Egypt’s underdeveloped river transport sector in Egypt. NRTC is developing strategically located river ports and plans to operate a fleet of up to 100 fuel-efficient, environmentally friendly barges capable of transporting up to 15 million tons of goods each year.
March 2006
The firm establishes TAQA Arabia, which becomes the Platform Company for its full-service regional energy solutions group, through a series of acquisitions.
September 2005
National Petroleum Company (NPC) is established as Citadel Capital’s regional oil and gas exploration and production Platform Company.
August 2005
The firm sells its stake in Helwan Portland Cement Company to global producer Italcementi in a transaction that values HPCC at US$ 795 million.
July 2005
Citadel Capital acquires 100% of the Egyptian Fertilizer Company (EFC).
May 2005:
The firm buys the balance of ASEC and carries out a capital increase for ASEC’s Helwan Portland Cement Company (HPCC) through a CASE (now EGX) listing.
May 2005
Citadel Capital establishes Grandview to invest in mid-cap opportunities. Grandview invests in companies with an enterprise value of less than US$ 25 million; its funds are managed by Sphinx Egypt, a private equity management company formed by Citadel Capital.
In its first transaction, Citadel Capital acquires 59% of ASEC Holding, a distressed cement and construction holding company.
April 2004
Citadel Capital is founded to pursue opportunities in select Middle Eastern and North African markets.