April 16 - QInvest, one of Qatar's top investment banks, has acquired a 40.8 per cent stake in Intercat Hospitality and Butlers Dry Cleaning and Laundry Services (The Group), one of UAE‘s biggest outsourced business services. "The investment is in line with our private equity fund's investment strategy of backing strong management teams and scalable businesses in the MENASA region," said Anuj Khanna, Co-Head of Investment Management at QInvest. "This company offers an attractive value proposition to its customers in a growth sector which will become increasingly relevant in the GCC as customers seek productivity improvements in their core businesses through outsourcing efficiencies,” he added.

Similarly, a statement released by The Group said that this investment will help the company to grow its business in the UAE and expand into other GCC states. Speaking on the occasion, George Farha, Founder and Chairman of the Group, said "I am excited to be partnering with QInvest, which I see as being the ideal partner as we continue to grow our business."

The Group, which was set up in 1992, has some big names as clients to its credit -- Intercat, Butlers and restaurant concepts Mashawi and Toast.