The second cross-border M&A transaction this year alone, the acquisition is part and parcel of EFG Hermes’ strategy to deepen its foothold in MENA markets and drive growth across the region

Cairo, 13 July 2021 

EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced today that its Investment Banking division successfully concluded advisory on Raya Contact Center (RCC)’s acquisition of an 85% stake in Bahrain-based call center company Gulf Customer Experience (Gulf CX) in a deal worth an enterprise value of USD 12.2 million, with the remaining stake to be acquired over the next 3 years.

Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, commented on the transaction, “We are thrilled to be cementing our partnership with RCC in this cross-border acquisition of Bahrain-based Gulf CX, a leading contact center operator in the country. RCC aims to expand its footprint in the GCC aiming to become the region's cloud and data center hub. The deal marks an important milestone in RCC’s growth story and our desire to do business in countries of strategic importance to the region’s economic development. We will continue to capitalize on the solid track record we’ve built over the years, which spans multiple markets and industries, to provide key advisory to clients in the years to come, as we see deal flow pick-up both in the M&A and ECM space in the region.”

RCC is a listed subsidiary of Raya Holding for Financial Investments, a leading regional investment company with a diversified portfolio of digital solutions and technology platforms. It has been the partner of choice for customer service, technical support, and global services for Fortune 1000 companies across North America, Europe, the Middle East, and Africa since 2001. RCC aims to cement its presence in the GCC as an initial step on its journey to becoming a global customer experience services provider, offering 360° multi-channel customer support services to its clients. The transaction will also unlock the KSA market, which RCC has been eyeing since its IPO. In addition to market penetration, the acquisition will also offer access to attractive verticals such as e-commerce, online retails, fintech and health-tech. RCC was listed on the EGX in 2017, with EFG Hermes acting as sole global coordinator and bookrunner on the IPO. 

Founded in 2015, Gulf CX is a leading Bahraini provider of customer service delivery solutions in the region, serving over 40 clients in more than 10 countries through offices in Bahrain, the UAE, and Saudi Arabia. It offers client contact center platforms, automation and AI integration solutions, strategic consulting services, and more. 

EFG Hermes acted as RCC’s sole financial advisor while Al Tamimi & Company acted as legal advisor.

The deal follows on the heels of EFG Hermes’ successful advisory on UAE-based Agthia Group’s sale and purchase agreement (SPA) of 100% of Kuwait’s Al Faysal Bakery & Sweets in January 2021 and the successful conclusion of the USD 144 million (AED 529 million) IPO of Alkhorayef Water & Power Technologies (AWPT) in Saudi Arabia in March 2021. 

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About EFG Hermes

With a current footprint spanning thirteen countries across four continents, EFG Hermes started in Egypt and has grown over 37 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track-record and a team of more than 5,500 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire MENA region. 

In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, consumer finance, mortgage and insurance. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States.

For further information, please contact: 

EFG Hermes Media

media@efg-hermes.com

May El Gammal

Group Head of Marketing & Communications 

melgammal@efg-hermes.com

Note on Forward-Looking Statements

In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes’ belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.