Depa Acquires Leading Regional Marble Company
Depa (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, announced today that it has wholly acquired Carrara Mid East Industrial Co.LLC, one of the region’s first, and the market’s leading producer and installer of high quality stone. Carrara operations include three state of the art facilities located in the UAE which serve the Middle East, India, and Africa at the high quality level with which the company’s brand has become associated.
Mr. Hadi El-Solh, Depa’s Managing Director of Investments, commented on the deal: “Carrara is a well-known marble producer with an enviable track record of over three decades in the region. This acquisition is another important step in our longstanding vertical integration strategy of acquiring leading suppliers in our core business markets. We already have a close working relationship with Carrara having both worked on key iconic projects such as Burj Khalifa and Burj Al Arab. There are strong synergies between Depa and Carrara which will be unlocked as a result of this transaction, particularly given that the majority of our projects have stone requirements. Furthermore, Depa will provide the necessary support to continue Carrara’s international expansion drive to serve clients outside of Depa, in growing markets such as Saudi Arabia, India, and even Azerbaijan and Nigeria.”
Mr. Michel Melki, General Manager of Carrara said: “Carrara’s corporate mission has always been to build a market leading company offering the highest quality of imported stone and manufacturing workmanship, for both natural and agglomerated stone, as well as the highest standards of installation with a particular focus on supply and installation for prestigious projects. We are delighted to continue and build on this tradition of excellence by joining the Depa group, which will no doubt help Carrara develop its leading position in the broader region even further. The management team will continue to lead the business and remains committed to all of its existing, and prospective, clients and suppliers.”
Carrara, founded in 1977, was one of the first companies to establish a marble processing factory and import the highest quality marble in the region. With more than 1,000 employees, the company operates via its three state of the art facilities located in the UAE which serve the region. Boasting revenues of AED 150 million in 2009, Carrara has become a major regional player over the years and serves high profile clients as far as Europe, South Africa, and Asian countries. Its clients include multinational and regional contractors, such as Bouygues Batiment International, Besix, Nasa Multiplex, Saudi Oger, Arabtec, Al Futtaim Carillion, Laing O’Rourke, Al Naboodah Contracting, and Al Darwish Engineering. Carrara has recently executed the supply and installation of about 120,000 sqm of natural stone for the Burj Khalifa project. Its work portfolio includes major regional and international projects such as Burj Al Arab, Royal Mirage Hotel, Mall of the Emirates, Dubai Festival City, Deira City Centre, The American Hospital Dubai, Yas Island Marina Hotel, Aldar headquarters, Turkmenistan Parliament Building, Presidential Palace and President Hotel.