Alfa Capital Partners acquires minority stake in Noble Gibbons
09 Aug 2004
Alfa Capital Partners, the private equity investment division of Alfa Bank, announced today that it has made its first private investment, acquiring a minority stake in Noble Gibbons, a leading Moscow-based real estate services company. The transaction is a friendly acquisition of a minority stake that was effectuated in close cooperation with the company's management. Alfa Capital Partners will participate on the Noble Gibbons' Board, but will not play a role in the company's day-to-day activities. In announcing the deal, Richard Sobel, CEO of Alfa Capital Partners, noted that this transaction is "a highly attractive investment in a quickly growing business servicing the thriving Russian property market. Noble Gibbons is a recognized market leader with an exceptional team, broad market expertise and commitment to client service." Alfa Capital Partners intends to explore investments in the Russian real estate market with the assistance of Noble Gibbons. "We look forward to working with the outstanding team of Noble Gibbons to support the company's profitable growth in this dynamic, lucrative, but potentially volatile sector. Alfa Capital Partners is very committed to supporting Noble Gibbons' incumbent management and its business development strategies," Mr. Sobel added. Bill Lane, Managing Director of Noble Gibbons, commented: "Russia is one of the most exciting and fastest developing real estate markets in the world. We are very pleased to partner with Alfa Capital Partners, a strong local financial sponsor that can bring expertise and relationships to facilitate growth, enhance our market leading position and support us in our commitment to service our clients. This partnership represents another step in the overall development of the property market as Russian financial investors seek to expand and professionalize their activity in real estate as an asset class."
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