Investcorp, the Bahraini alternative investment fund manager has completed the divestment of its industrial supplies distribution firm whose main focus is Europe. In a statement, the ownership of IPH Group would be turned over to PAI Partners, a private equity firm based in Paris.

IPH distributes industrial supplies across Europe and has networks in France, Germany, Belgium, Romania and the Netherlands.

The sale is supposedly to create Eur210 million or US$273 million of proceeds for Investcorp and its clientele. IPH was acquired by Investcorp back in 2006, the sales of the firm has tripled to Eur860 million and it has increased EBITDA from an initial Eur12 million to Eur62 million.

According to Investcorp President for Gulf Business Mohammed Al-Shroogi, "Our ability to secure a healthy return from the sale of the IPH Group despite the ongoing turbulence in the euro zone market is evidence of our ability to identify appropriate exit opportunities."