Timothy Holder

Middle East

A highly accomplished investment banker with established relationships and expertise across a broad range of disciplines, Timothy Holder is based in Zurich and has 26 years of corporate and project finance experience, mostly in the Middle East & North Africa (MENA) region.  

After 2 years in Beijing, Tim now works between London, Zurich and the Middle East.

His experience includes advising the Government of the UAE on the adoption of Public-Private Partnerships in a number of sectors including healthcare and education. Moreover, he has considerable expertise in privatisation work involving government advisory assignments, notably in Iraq, as well as advising large corporates looking to acquire newly privatised companies.

Tim has considerable experience in cross border and intra-regional mergers & acquisitions, as well as debt and equity raisings, private equity, corporate restructurings and offset.

Much of his career has been spent in the Middle East, where he has spearheaded a series of complex project financings in Saudi Arabia, Qatar, Kuwait and Lebanon.

He has an intimate involvement with Saudi Arabia dating back almost thirty years and in the context of his work with the Saudi British Economic Offset Programme, of which he is a long-standing committee member, he has originated and executed multibillion dollar inward investment in a large array of industries.

Previously head of the Bahrain office for Taylor-DeJongh, a specialist merchant bank.

Before spending 10 years with Schroders (now Citigroup) Tim was with Coopers & Lybrand and Price Waterhouse.  

He has held positions at Business Development Asia LLC and MerchantBridge, an investment bank focused on the MENA region, where he originated and executed corporate and project finance assignments in the Middle East.   

Tim also established the Bahrain office of Close Brothers to execute advisory assignments and private placements.

Since 1990, Mr Holder has advised the UK Ministry of Defence on the Al Yamamah Economic Offset Programme in Saudi Arabia.  

He is an economics graduate from the University of Warwick and a qualified chartered accountant.

Transaction list to date:

(available upon request)

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2015-6 ongoing: M&A Sell Side - Advising the private equity owners of its majority stake in a prominent Kuwait based general contracting group.
2015-6 ongoing: M&A Sell Side - Advising the private equity owners of its majority stake in a leading regional architectural design/engineering group, most likely to a global strategic buyer.
2015: Capital raise - Advising Vaxeal. a privately-held Swiss biotech company at the forefront of immune-therapies on raising €10 million to fund the further expansion of its business, most notably to undertake Phase I/II clinical trials of its Survivin and other cancer vaccines candidates, as well as to consolidate its Intellectual Property Position
2014-5: Capital raise - Advised Altamas Resources Ltd, on the raising of £120 million in equity financing ahead of its proposed listing on the London Stock Exchange in the form of a Special Purpose Acquisition Co (SPAC). Altamas was established to acquire distressed junior mining companies for the purposes of bringing gold and copper assets into production.
2014 - date: M&A Sell Side - Advising the family owners of a mid-sized engineering (MEP) group in Saudi Arabia on the sale of a significant stake.
2013 - 2015: M&A Sell Side - Advised Seera Investment Bank on the successful divestment of Kosan Crisplant (see below) to Al Ayuni Group of Saudi Arabia.
2012 - 2014: M&A Buy Side - Originated and provided execution support with respect to the acquisition of Jiangxi Tikon Titanium Company, Ltd of China by the world’s second largest titanium dioxide producer, The National Titanium Dioxide Company, Ltd. (“Cristal”) of Saudi Arabia.
2011 - 2012: Capital raise - Advised Emerald Automotive, the UK developers of an all new range extended electric commercial vehicle on raising equity from the Gulf prior to its eventual acquisition by Geely Group of China.
2010 – 2011: Capital raise - Advised ZincOx Resources plc and Ansan Wikfs of Yemen on raising $120million in equity and debt to allow for completion of a $244 million zinc oxide deposit in Yemen and rubber grade plant in Belgium.
2009: Government advisory - Advising senior government officials in Bangladesh on the credit markets perception of investment in/lending to the country’s power sector funded by the World Bank.
2009: Debt advisory - Advising both US Export-Import Bank and Coface with respect to their potential participation in the financing of Emirates Aluminium, a greenfield $7.3 billion aluminium smelter in Abu Dhabi as a joint venture between Mubadala and DUBAL. Exim Bank was approached by the sponsors to provide a direct loan of $300 million and Coface a covered facility of $200 million.
2008 - 2009: Debt raising - Advised RAK Gas, the wholly owned utility company of Ras Al Khamiah on raising a $100 million corporate debt facility in support of its investment activities and expansion of domestic infrastructure.
2008 - date: Equity raising - Advising Intelligent Energy plc, one the UK’s leading alternative energy companies in raising additional equity from the Gulf
2008: Equity raising - Advising Park Equity Capital Partners, a US private equity group on raising US$70 million in equity from the Middle East to acquire one of the largest providers of long-haul disposal to the solid waste industry in the US
2009: M&A sell side - Advising a leading European equipment manufacture on the partial divestment of a majority stake to a GCC based private equity firm.
2008: Energy investments - Advising Global Banking Corporation (GBCorp), a Bahrain based Islamic investment bank founded in 2007 on the establishment of Global Energy Financial Services Co (GEFSCO), a joint initiative with TDJ to support direct investments in the oil & gas and energy sectors. Appointed CEO on its launch.
2008 - date: Project finance - Advising Lucite International, the world’s leading producer of methyl methacrylate on its proposed $1 billion joint venture in Saudi Arabia with Sipchem.
2008: M&A sell side - Advised the owners of NuTech, a Houston based oil & gas services company on its sale to Al Rajhi Holdings.
2007/08: Privatisation - Advising the Executive Privatisation Committee of Jordan on the privatisation of assets in the downstream petroleum sector.
2007: M&A sell-side - In conjunction with Danske Bank advised Sengulah Private Equity on the sale of Kosan Crisplant, the world’s leading provider of systems and solutions for filling and reconditioning LPG cylinders to Bahrain based United International Bank.
2006: Project finance - Advised Vinmar International, a privately owned chemical trading and development company headquartered in Houston, on a proposed $400 million specialty chemicals project in Saudi Arabia.
2006: Equity raising - Advised ZincOx Resources plc, a UK AIM listed company on raising $15 million in third party equity to co-finance the development of the Jabali zinc oxide project in Yemen
2005/06 : Regional entry strategy - Advised Hercules Inc, a major publicly quoted US chemicals company on its assessment of raw material procurement and investment in the GCC.
2005/06: Equity raising - Advised Tertiary Minerals plc, an AIM listed mining company on raising US$7 million from regional investors to complete further feasibility work with respect to the Al Ghurrayah Project in Saudi Arabia and assisting in the negotiation of a joint venture agreement.
2005/08: Project finance - Advised Huntsman Corporation on its $290 million ethyleneamines joint venture in Saudi Arabia with Zamil Group
2005/06: Regional entry strategy - Advised DuPont, a major publicly quoted US chemicals company on its assessment of investment opportunities in the region which culminated in a proposed $250 million investment in a greenfield facility in Saudi Arabia with a leading private sector company.
2004/05: Government advisory - In conjunction with Macquarie Bank advised the Department of the Economy in Abu Dhabi on the adoption of PPP principles in infrastructure developments.
2003/04: Equity raising - Attracted regional investment into the Macquarie European Infrastructure Fund, a €1 billion private equity fund.
2003/04: Equity raising - Advised Advanced Polypropylene Company on raising US$40million in third party equity with respect to the development of a $750 million petrochemical complex in Saudi Arabia.
2003/04: Government advisory - Advised the Ministry of Industry and Minerals in Iraq on the quasi privatisation of thirty six businesses
2002/04: Project finance/GFA - Advised Gulf Aluminium Rolling Mill Company (GARMCO)on financing issues relating its proposed expansion to its manufacturing facilities
2001/02: Valuation work / M&A advisory - Advised GARMCO and Aluminium Bahrain (Alba) to provide a fair value report on GARMCO and assistance in merger negotiations.
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2002: M&A buy side - Advised Saudi Formaldehyde Chemical Co Ltd on its proposed acquisition of a division of a UK plastics and speciality chemicals producer.
2002: Debt raising - Advised Cupola (later Abraaj) on raising acquisition finance with respect to its takeover of Aramex, a large regional logistics and courier company quoted on NASDEQ
2001/02: Equity raising - Advised MENA Energy, an upstream oil & gas company backed by Marathon Oil dedicated to the MENA region on raising up to $300 million through a private placement
2001/02: Project finance - Advised MB Petroleum/Petrogas, a privately owned Omani oil & gas company on securing a fully underwritten US$95 million limited recourse financing facility in support of its acquisition and subsequent redevelopment of Block 5, sold by a Japanese consortium
2001/02: Equity raising - Raised seed financing of US$13 million for Intelligent Energy, a UK based fuel cell technology company
2001/02: Project finance/equity raising - Advised the sponsors of a Volkswagen based automotive production facility in Iran on structuring and raising of $70 million in equity and debt
2001: M&A sell side - Advised Oman Oil Company on the proposed disposal of its Kazakhstan assets
2001: Valuation work - Providing valuation services to GARMCO ahead of a proposed trade sale to a strategic investor.
2000/02: Project finance - Advised Gulf Advanced Chemicals Industries Co on the raising of limited recourse facility for a $385 million project in Saudi Arabia, for the production of specialty chemicals
1989/99: M&A sell side - Advised Inchcape plc on the successful disposal of its Middle East interests – $125 million
1998/99: Project finance - Advised Dodson & Horrell, a leading UK manufacturer of animal feeds in respect of a joint venture in Abu Dhabi to establish a manufacturing unit to produce a range of specialist animal feeds.
1998: M&A buy-side - Advised Tate & Lyle on its proposed acquisition of the state owned Delta Sugar Company in Egypt
1998: Project finance - Advised a consortium led by The Energy Group of the UK in respect of its bid to acquire state owned generation and distribution assets in Oman, together with the construction of 200mw of new generating capacity.
1998: M&A buy-side - Advised SISAS SpA (Italy) on the acquisition of UCB Ftal S.A. (Belgium) from UCB S.A. – US$60 million
1997/98: M&A buy-side - Advised the Olayan Group on the successful acquisition of a leading Saudi food distribution company
1997: M&A buy-side - Advised BOC on its proposed acquisition of the state owned International Gases Company in Egypt
1996/98: Project finance - Advised a Franco/German consortium led by Walter Bau and DYWIDAG in its bid to build, finance and operate a $600 million toll motorway in the Lebanon
1996/97: Project Finance - Advised US Ex-Im Bank on its participation in the project financing of a US$2.5 billion LNG project in Oman
1996/97: M&A buy-side - Advised Metra Oy of Finland and a group of private investors on the successful acquisition of Lecico, the largest ceramic manufacturer in the Middle East ($110 million).
1996: M&A buy-side - Advised Savola a prominent Saudi foods group on its proposed acquisition of a leading Italian foods manufacturer
1995/97: Equity raising - Advised British Mediterranean Airways on a number of rights issue and other capital raising exercises and in its franchising negotiations with British Airways
1995/97: Project Finance - Advised US Ex-Im Bank on its participation in the project financing of the $3.4 billion Ras Laffan LNG project in Qatar.
1995/97: Project finance - Advised Davy International on a financing proposal in support of its bid for a $1 billion extension to a flat steel mill in Saudi Arabia and its successful bid in respect of a $200 million DRI project
1994/96: Project Finance - Advised US Ex-Im Bank on its potential US$1 billion participation in the project financing of the Equate greenfield petrochemical complex in Kuwait.
1994/95: Offset advisory - Advised GEC Marconi in respect of its contractual offset obligation in Abu Dhabi
1993/94: M&A sell side - Advised The Bricom Group on the disposal of the Spinneys Group of companies in the Middle East and Far East to Inchcape – combined consideration $75 million
1993/95: Project finance - Advised Cimenterie Nationale, the second largest cement producer in the Lebanon, on its $100 million expansion programme, the first limited recourse financing in Lebanon
1992/95: Project finance - Advising Penspen of the UK, the Sponsors of the proposed QACENCO methanol project in Qatar – $460 million
1991/93: Project finance - Advised British Aerospace with respect to its proposed investment in a worldscale aluminium smelter in Saudi Arabia and associated dedicated power project – $2 billion
1990/92: M&A sell-side - Advised the Olayan Group of Saudi Arabia on the sale of a substantial minority in a subsidiary company to Kimberly Clark – $25 million
1990 - present: UK/Saudi Arabia Government advisory - Advising the UK Ministry of Defence in respect of the Al Yamamah Economic Offset Programme
1992 - present: UK/Saudi Arabia Government advisory - Ø 4500,000 tpa (now 1.6 mtpa) sugar refinery in Jeddah with Tate & Lyle – US$200 million;
1993 - present: UK/Saudi Arabia Government advisory - Ø 75,000 tpa maleic anhydride/butanediol project with Davy Process Technology and Huntsman in Al Jubail – US$385 million.
1994 - present: UK/Saudi Arabia Government advisory - Ø 1.3 million tpa aromatics complex using BP/UOP technology – US$500 million;
1995 - present: UK/Saudi Arabia Government advisory - Ø 450,000 tpa integrated propane dehydrogenation/polypropylene involving Tasnee and Basell (BASF/Shell J/V) – US$550 million;
1996 - present: UK/Saudi Arabia Government advisory - Ø Pharmaceuticals projects with Glaxo (now Glaxo SmithKline) – US$25 million
1997 - present: UK/Saudi Arabia Government advisory - Ø $275 million phosphates joint venture with Bateman Litwin of Holland.
1998 - present: UK/Saudi Arabia Government advisory - Ø $300 million specialty chemicals joint venture between Huntsman and Al Zamil Group in Al Jubail
1999 - present: UK/Saudi Arabia Government advisory - Ø $550 million seamless pipes facility involving Duferco of Switzerland
2000 - present: UK/Saudi Arabia Government advisory - Ø $30 million joint venture between Baxter and Olayan Group for the manufacture for the manufacture of intravenous sterile solutions.
2001 - present: UK/Saudi Arabia Government advisory - Ø $20 million multi user logistics facility in Al Jubail involving Alfred Talke of Germany and the local Al Jabr Group.
2002 - present: UK/Saudi Arabia Government advisory - Ø $700 million worldscale acrylic acid and esters joint venture between Tasnee, Sahara Petrochemicals and Rohm & Haas
2003 - present: UK/Saudi Arabia Government advisory - Ø $100 million joint venture between Rowad and DMT of Austria.
2004 - present: UK/Saudi Arabia Government advisory - A number of projects are currently under development, primarily in the petrochemicals sector where the combined investment would exceed US$2 billion. -->

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