Arcapita

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Arcapita
Type Holding company
Founded 1997[1]
Founder(s) First Islamic Investment Bank (now Arcapita Bank)
Headquarters Atlanta, Georgia, United States
Key people Atif A. Abdulmalik, CEO
Stockton Croft, Executive Director[2]
Net income US$285.7 million (Arcapita Bank)[3]
Employees 253 (Arcapita Bank)[3]
Parent Arcapita Bank

Arcapita Inc. (formerly known as Crescent Investments Inc.) is a Delaware-incorporated holding and real estate company, headquartered in Atlanta, Georgia.[2] The company is wholly owned by the Bahrain-based Arcapita Bank, formed in 1996 as the First Islamic Investment Bank.[4] Arcapita Bank has offices in Bahrain, Atlanta, London, and Singapore.[5]

The company buys American companies for between $200 million and $1 billion, and sells them four to six years later.[6][7]

Recent news[edit]

In January 2014, Arcapita sold its firm U.S.-based Varel International to Swedish bank Sandvik for a total of $740 million.[8]

Bankruptcy[edit]

Arcapita filed for bankruptcy in March 2012.[9]

Name change[edit]

On March 15, 2005, parent company First Islamic Investment Bank and its subsidiaries changed their name to Arcapita and adopted a new logo.[10] The name "Arcapita" is a combination of the words "arc" and "capital", "arc" symbolizing the company's global span, from Atlanta to London to Bahrain. The firm indicated that its name change did not relate to potential anti-Islam sentiments in the regions in which it was operating.[11]

The name change resulted in some controversy as to whether it was done to hide the company's Middle Eastern roots. According to the company, the unified name was introduced to avoid confusion about the relationships between the parent company, First Islamic Investment Bank, and its subsidiaries, Crescent Capital in the U.S. and Crescent Capital (Europe) Ltd., based in London. The company also wanted to reassure investors who were uneasy about the perceived religious association of the old name.[7]

September 11 boycott[edit]

In response to the September 11th terrorist attacks, a boycott was initiated against the coffee chain Caribou Coffee, which Crescent Capital had acquired in 2000. According to Fred Taub, president of Cleveland-based Boycott Watch, some people objected to Muslim ownership of the U.S.-based coffee chain.[7] However, the boycott did not have a significant effect on the growth of the chain, which grew from 175 stores in 2001 to more than 400 in 2006.[7]

Compliance with Sharia[edit]

Every investment made by Arcapita Bank and its subsidiary corporations is approved by a four-member Sharia advisory board. The board includes a retired judge from Saudi Arabia's Supreme Court, and religious scholars from Pakistan and Bahrain. In accordance with Islamic Sharia law, the company does not invest in any businesses which offer credit or charge interest, or sell pornography, alcohol, or pork products.[7]

According to representatives of the company, the Sharia advisory board does not make decisions about the financial merits of investments, and does not play a role in hiring or promotion of employees.[7]

Subsidiaries[edit]

Arcapita's holdings include:[7]

Former investments[edit]

References[edit]

  1. ^ "Crescent Capital Announces Majority Investment in Cirrus Industries, Leading Airplane Manufacturer, in $143 Million Deal". Business Wire. August 22, 2001. Retrieved 2008-06-21. 
  2. ^ a b "Arcapita". SourceWatch. 24 February 2006. Retrieved 2008-06-21. 
  3. ^ a b "Financial Information - Financial Highlights". Arcapita Bank. Archived from the original on 9 July 2008. Retrieved 2008-06-21. 
  4. ^ "Arcapita Bank". SourceWatch. 11 May 2006. Retrieved 2008-06-21. 
  5. ^ "Corporate Information - Overview". Arcapita Bank. Archived from the original on 22 May 2008. Retrieved 2008-06-21. 
  6. ^ Larson, Eric (July–August 2004). "Honoring Shari'ah". Duke Magazine 90 (4): 3. 
  7. ^ a b c d e f g Paul, Peralte C.; Shelia M. Poole (July 30, 2006). "Branching out, with limits". Atlanta Journal Constitution. Archived from the original on 18 June 2008. Retrieved 2008-06-21. 
  8. ^ David French (3 February 2014). "Arcapita to sell Varel International to Sandvik for $740 million". Reuters. 
  9. ^ The Wall Street Journal http://online.wsj.com/article/SB10001424127887324590904578293850649458288.html?mod=googlenews_wsj |url= missing title (help). 
  10. ^ "Crescent Capital soon to be Arcapita". Atlanta Business Chronicle (American City Business Journals, Inc.). February 28, 2005. Retrieved 2008-06-21. 
  11. ^ Parker, Mushtak (28 February 2005). "First Islamic Changes Its Name". Arab News. Retrieved 2008-06-21. 
  12. ^ Bijoux Terner
  13. ^ [1]
  14. ^ VoIP Communications Management Specialists - Cypress Communications
  15. ^ [2]
  16. ^ http://www.forba.com
  17. ^ [3]
  18. ^ http://origin-www.bloomberg.com/apps/news?pid=conewsstory&tkr=SSW:LN&sid=ajsUtutGdwVY.  Missing or empty |title= (help)
  19. ^ Meridian Surgical Partners | Performance, Efficiency, Achievement, Knowledge
  20. ^ ARCAPITA ACQUIRES LEADING STORAGE AND MOVING COMPANY FOR $451.4 MILLION
  21. ^ Log Homes, Log Home Floor Plans, Log Cabins, Log Cabin Homes, Get log home floor plans from America's largest log home company
  22. ^ Welcome to Tensar International Corporation
  23. ^ Home - Transportation Safety Technologies Inc
  24. ^ Working|Rx
  25. ^ Yakima Racks, Bike Racks, Roof Racks for Skis, Cargo & Kayaks - Yakima
  26. ^ http://www.arcapita.com/all_investments/companies/3pd.html
  27. ^ http://www.xpologistics.com/press-and-media/newsroom/2013/08/16/xpo-logistics-completes-acquisition-of-3pd
  28. ^ "Church’s Chicken sold to private equity firm". Retrieved 2013-07-19. 
  29. ^ "ARCAPITA ANNOUNCES AGREEMENT TO SELL ROXAR FOR $370 MILLION". Retrieved 2013-07-19. 
  30. ^ Tender Loving Care
  31. ^ Amedisys Closes TLC Health Care Services, Inc. Acquisition

External links[edit]