IHC unit buys UK businessman’s hospitality assets for $1.4bn

A unit of Abu Dhabi conglomerate International Holding Company (IHC) has reportedly acquired a majority stake in British businessman Richard Caring’s hospitality business.

Caring’s business includes the Ivy restaurant chain and the private members’ club Annabel’s in the UK.

The deal, which also includes Caprice Holdings’ luxury restaurant portfolio, is valued at more than £1 billion ($1.4 billion), the Financial Times reported.

IHC is part of a business conglomerate led by its chair, Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national-security adviser and brother of President Sheikh Mohammed bin Zayed Al Nahyan.

Caring will remain executive chair and will lead international expansion in collaboration with IHC affiliate Diafa, which will be headed by a former chair of LVMH’s Asia business, Ravi Thakran.

Caring controls his empire through several investment vehicles, which are owned through offshore holding companies in Jersey and the British Virgin Islands, the report said.

The acquisition will expand Diafa’s hospitality portfolio, which now includes the UK-headquartered Azumi Group’s high-end restaurants Zuma and Roka, as well as Los Angeles-based hospitality company h.wood Group.

Last month IHC secured regulatory approval to take a 41.5 percent stake in Sammaan Capital, an Indian finance company, for almost $1 billion.

IHC was founded in 1998 to help diversify and develop non-oil business in the UAE. It had a market capitalisation of AED855 billion ($232 billion) as of April 10.

IHC shares, which trade on the Abu Dhabi Securities Exchange, closed 0.5 percent lower at AED390 on Friday. The stock is down 2 percent so far this year.

Further reading:

• Gulf family offices put US exposure under a microscope
• IHC gets green light for Sammaan Capital deal
• Mena equities calm as bargain hunting begins