Abraaj names new CEO as deal closes

Abraaj names new CEO as deal closes

Tom Speechley, senior partner at Abraaj Capital, has been appointed chief executive of Aureos Capital and will manage the firm's small and mid-cap assets

July 24, 2012 3:09 by Reuters

Abraaj Capital, the Middle East‘s largest private equity firm, closed its acquisition of UK-based Aureos Capital, it said on Tuesday, and appointed a new chief executive for the specialist fund manager.

Abraaj struck a deal to buy the emerging market fund manager in February, creating an entity with approximately $7.5 billion in assets under management. Financial terms were not disclosed.

Abraaj, which owns stakes in Orascom Construction, budget carrier Air Arabia and supermarket chain Spinneys, said at the time it would not raise fresh debt for the acquisition.

The Dubai-based firm said Tom Speechley, senior partner at Abraaj Capital, has been appointed chief executive of Aureos Capital and will manage the firm’s small and mid-cap assets, the statement said.

Aureos manages assets of $1.3 billion and provides expansion and buyout funding to small and medium-sized businesses in Asia, Africa and Latin America. Its chief executive Sev Vettivetpillai will now be the executive chairman of the company, Abraaj said. (Reporting by Praveen Menon; Editing by Amran Abocar)