Dividend Gate Capital (DGC), a Bahrain-based private equity firm, has said that it has signed an agreement to partner up and acquire 50% of Solara Joinery and 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, a statement said. The company has a well-equipped manufacturing facility capable of producing top-class products of international standards, it added.
DGC said that 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 in the GCC. It added that it expects the group’s operations to double with a larger facility already under construction so as to accommodate the company’s growth and uptick in demand.
“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 Khaled Al Hammadi, CEO of DGC.
“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.
“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,” said Mohammed Abbas Haji, chairman of Solara Joinery and Interiors.
“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.