MANANA: The outlook for structured Islamic investment deals has not diminished despite the global economic downturn.
That is the view of Bahrain-based Seera Bank which recently received the deal of the year award by the Financial Times' Banker magazine for its acquisition of UK water treatment specialist company BWA.
"Our business approach which comprises working on an equity syndication model has played a pivotal role," said Seera chief executive officer Abdulla Janahi.
"We are confident that with our strategy of tapping niche investment opportunities and through the business model we follow, the medium and long term potential for structured Islamic investment deals is actually quite good.
"In a quiet time for Europe-based Islamic finance deals, this BWA deal stood out given the fact that it was concluded when leveraged finance was going through a difficult period," he added.
"This recognition is a testament to our team's contribution to the private equity marketplace."
BWA has a well-developed portfolio of high performance branded products to meet the requirements of 370 customers in 85 countries.
The portfolio covers three high growth segments - water desalination, industrial water treatment processes and secondary oil recovery.
The company's products are used to treat microbiological growth in process water and to control and prevent corrosion of iron and steel as well as inorganic deposits on the surface of pumps and pipes.
It constantly upgrades its products through research conducted at its two laboratories in the UK and the US.
The acquisition of BWA was financed by a multi-tranche facility of around $100 million, including a mezzanine tranche.
Denominated in dollars, the facility was structured to meet the strict Sharia requirements of Seera Investment Bank.