First Islamic Investment Bank acquires US office products company
First Islamic Investment Bank and its co-investors have acquired a substantial interest in American Pad & Paper (Ampad), a manufacturer and distributor of paper-based office products in the United States, after taking it out of the Chapter 11 reorganization process.
Headquartered in Plano, near Dallas, Texas, Ampad's customers include many office product retailers and distributors in North America, including Staples and Wal-Mart.
“We believe that we have acquired a company that has a significant free cash flow generation capability at an attractive price and will allow us to further diversify our investment portfolio,” said First Islamic's Chief Executive Officer, Atif A. Abdulmalik.
Founded in 1997, with a paid-up capital of $112.5 million and over 100 shareholders, First Islamic is headquartered in Bahrain with offices in Atlanta and London. The Bank's main lines of business are direct investment, real estate, and asset management. To date, First Islamic has undertaken direct investment transactions in excess of one billion dollars and real estate transactions totaling over two billion dollars. — (menareport.com)
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