About Citadel Capital

Citadel Capital (CCAP.CA on the Egyptian Exchange), is the leading private equity firm in the Middle East and Africa. Citadel Capital’s 19 Opportunity-Specific Funds control Platform Companies with investments of more than US$ 9.0 billion spanning 15 countries and 15 industries including energy, mining, agrifoods, cement, finance, transportation and retail.

Citadel Capital focuses on opportunities in the Middle East and Africa. In addition to its Cairo headquarters, the Firm has an office in Algiers and opened in 2010 an office in Nairobi, Kenya, as part of its expansion into East Africa with its acquisition of a controlling interest in Rift Valley Railways, the national rail operator of Kenya and Uganda.

Outsanding Returns
Since it began operations in 2004, the Firm has raised and invested equity of more than US$ 4.8 billion, including over US$ 913.6 million of its own capital. In the same period, Citadel Capital has generated more than US$ 2.2 billion in cash proceeds from five successful exits (three full and two partial) on investments of US$ 650 million, more than any other private equity firm in the region.

Flexible Fundraising Approach
To date, Citadel Capital has raised 19 Opportunity-Specific Funds (OSFs) that control platform investments in industries including energy, cement, specialty real estate, mining, finance, agribusiness, glass manufacturing, transportation, metallurgy and solid waste management.

The Firm accounted for c.27.5% of all private equity funds raised for investment in MENA in 2010, according to figures from the Emerging Markets Private Equity Association.

Citadel Capital has completed a total of 54 acquisitions and new company formations and pursues control investments across the deal-type spectrum, including turnarounds, buyouts, consolidations / industry roll-ups and greenfields.

While Citadel Capital continues to raise funds primarily via OSFs, it announced a US$ 140 million joint first close in 3Q10 for the MENA and Africa Joint Investment Funds. The sister funds are Citadel Capital’s first “standing” funds and target a combined final close of US$ 500 million.

Anchor LPs in the JIFs include the International Finance Corporation (IFC), the African Development Bank (AfDB), the Netherlands Development Finance Company (FMO), Société de Promotion et de Participation Pour la Coopération Economique (Proparco), Deutsche Investitions–und Entwicklungsgesellschaft mbH (DEG), and the European Investment Bank (EIB). The funds will invest US$ 2 for every US$ 1 Citadel Capital invests in its own transactions.

A Proven Team
In addition to founder Ahmed Heikal and co-founder Hisham El-Khazindar, the firm’s executive committee includes managing directors Karim Sadek, Ahmed El Houssieny, Marwan Elaraby and Ahmed El Shamy. The firm employs 69 professionals, including a 43-strong team of investment professionals. The vast majority of senior staff are from the region and enjoy the benefits of both having long relationships with key players in the MENA business community and substantial international exposure.

Ranked Largest Firm in Africa
A founding member of the Egyptian Private Equity Association (EPEA), Citadel Capital has been ranked three years running as the largest private equity firm in Africa by Private Equity International on the PEI 300. The Firm was the ninety-third largest globally in 2011 and made its debut that year on PEI’s “Emerging Market Top 10.” PEI’s ranking is based on private equity funds raised in a trailing five-year period.

Multiple Revenue Streams
Citadel Capital generates revenue in two ways: Through dividends and capital gains on its principal investments as well as through fees earned as an asset manager. Asset management fees include a carried interest over a hard hurdle on capital gains Citadel Capital makes for limited partners in its OSFs as well as advisory fees on the equity it has under control. Advisory fees cover in part the cost of services the Firm provides to platform companies, such as strategic input, debt financing expertise, project management and the recruitment of senior staff.

Publicly Traded
Citadel Capital shares have traded on the Egyptian Exchange under the symbol CCAP.CA since December 2009. In addition to leading regional research houses, Citadel Capital shares are covered by Credit Suisse and Deutschebank.

Earning Shareholder Trust
Citadel Capital’s shareholders and the limited partners in its OSFs include leading investors and family offices from Egypt, the Gulf Cooperation Council and North Africa as well as a growing base of international institutional investors. The current breakdown of Citadel Capital’s shareholder base is available here.