Subject: Dubai’s private equity supremo Sameer Al Ansari quits - Times Online
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Michael Muldoon" <[email-masked]>
Date: Mon, 6 Jun 2011 15:06:03 -0400

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7149014.ece

Dubai’s private equity supremo Sameer Al Ansari quits

Sameer Al Ansari has resigned from Dubai International Capital (DIC), the private equity firm that owns Travelodge, the hotel chain, and engineer Doncasters.

Al Ansari, who spearheaded an attempted takeover of Liverpool Football Club, has relinquished his post as non-executive chairman of DIC after the poor performance of its portfolio. He has left DIC’s investment committee, and the boards of Travelodge and Doncasters.

Al Ansari helped set up DIC in 2004 as a cornerstone of Dubai’s attempts to build an overseas investment empire. He was previously finance chief at the executive office of Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler.

Al Ansari stepped down as chief executive of DIC last August to become executive chairman, a post that lasted just a few months before he stepped back again to become non-executive chairman. He now heads SHUAA Capital, a Dubai investment bank.

Under Al Ansari, DIC tried to compete with Europe’s established private equity players. It snapped up several well-known firms, including Alliance Medical, the British healthcare technology group. It also made bids for Liverpool and Newcastle United football clubs. At its peak, DIC managed assets worth £8.5 billion.

Its deals were funded largely with bank loans taken on just before the credit crunch and DIC had to inject tens of millions of pounds into several investments. Last year, pre-tax losses at Doncasters rose to £125m. Pre-tax losses at Travelodge widened to £102m.

DIC has debts of $2.5 billion (£1.7 billion). It has asked for a three-month extension to a $1.2 billion loan due this month. Sources close to its banks expect the fund to be wound up.

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked]
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