Eastgate Capital Group (Eastgate), the private equity fund management arm of NCB Capital, has made an investment of $40 million in L'azurde, the leading gold and jewelry designer, manufacturer and distributor headquartered in Riyadh. Eastgate's investment was executed as part of a consortium led by Investcorp that also included The National Investor (TNI). The consortium will own 70 percent stake in the company. Abdul Aziz Al Othaim, company's founder, will retain 30 percent stake and continue as CEO and chairman of the business. Dr. Ghazi Al-Rawi, a founder and manaaging partner of Eastgate Capital Group, said: “This investment is consistent with the strategy of our Eastgate MENA Direct Equity Fund, which targets investments in high potential companies in resilient sectors and seeks to help these companies become regional champions. As part of NCB Group, and leveraging our team's deep market understanding and functional expertise, Eastgate is well positioned to contribute to L'azurde's further growth and success as the undisputed regional champion.”
