The Gargash Family has acquired a 100% equity in Gargash Enterprises for an undisclosed amount. The move was advised by Mashreq and Daman Investments.
According to a press release, Gargash Enterprises is the largest independent distributor of Mercedes Benz passenger cars and commercial vehicles in the world.
H EAbdulaziz Al Ghurair, CEO at Mashreq said, “We are delighted to have partnered with Gargash Family to make this transaction possible. Gargash Enterprises are a respected pioneer in the premium car segment and our ability to enable this successful transaction reflects the strength of our investment banking capabilities, deep knowledge of the automobile industry, and strong client relationship.”
Shehab Gargash, director, Gargash Enterprises, said, "We are very pleased with the transaction being completed and appreciate the support of our advisors Mashreq and Daman Investments. We envisage that the consolidation at the shareholding level will play a major role in ongoing growth and take the company to new heights while maintaining the core values of exceptional service to our customers.”