|Atif A. Abdulmalik, CEO
Hisham Al Raee
|US$11.4 million |
Number of employees
|Parent||Arcapita Group Holdings|
Arcapita Bank (formerly Crescent Capital Investments) is a Bahrain-based holding company, formed in 1996 as the First Islamic Investment Bank. Arcapita Bank has offices in Bahrain, Atlanta, London, and Singapore. It owns the Delaware, US-incorporated holding and real estate company Arcapita, Inc. (formerly known as Crescent Investments, Inc.), headquartered in Atlanta, Georgia, which buys American companies for between $200 million and $1 billion, and sells them four to six years later.
On March 15, 2005, parent company First Islamic Investment Bank and its subsidiaries changed their name to Arcapita and adopted a new logo. 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.
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.
September 11 boycott
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. 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.
Compliance with Sharia
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.
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.
Arcapita filed for Chapter 11 bankruptcy protection in March 2012.
Arcapita's holdings include:
- Bijoux Terner – fashion retailer and supplier of handbags, jewelry, watches, and other goods to airports, hotels, cruise ships, and entertainment venues, based in Miami, Florida
- Compagnie Européenne de Prestations Logistiques (CEPL) – contract logistics company based in Béville-le-Comte, France
- Cypress Communications – small-business telecommunications provider, based in Atlanta, Georgia
- Falcon Gas Storage – largest US-based independently owned operator of high-deliverability, multi-cycle (HDMC) natural gas storage capacity, based in Houston, Texas
- Church Street Health Management (formerly FORBA Holding, LLC) – dental practice management company that operates Small Smiles Dental Centers
- Freightliner – rail logistics company, based in London
- Jill Acquisitions – multi-chain retailer of women’s apparel, accessories and footwear under the names J. Jill, Essentials and Core based in Quincy, Massachusetts
- Meridian Surgical Partners – owns and operates ambulatory surgery centers in partnership with physicians throughout the United States, based in Nashville, Tennessee
- PODS – moving and storage company based in Clearwater, Florida
- Tensar – site developer and provider of transportation infrastructure services, based in Atlanta
- Transportation Safety Technologies – manufactures specialty electrical components and safety products for vehicles, based in Indianapolis, Indiana
- Vogica – retailer and wholesaler of kitchens and bathrooms, based in Paris, France
- Working Rx – manages workers' compensation claims for retail pharmacies, based in Salt Lake City, Utah
- Yakima Products – manufacturer of sport racks and accessories for cars, based in Beaverton, Oregon
- Southland Log Homes – a log home manufacturer, based in Irmo, South Carolina
- 3PD, Inc. – national provider of in-home delivery services based in Marietta, Georgia Sold to XPO Logistics on August 16, 2013.
- Ampad – supplier of paper office products, based in Richardson, Texas
- Church's Chicken – fast-food restaurant franchise, based in Atlanta, Georgia, sold to Friedman Fleischer & Lowe on August 10, 2009
- Roxar – manages reservoir problems in the oil and gas industries, based in Stavanger, Norway. Arcapita announced the signing of a definitive agreement to sell Roxar AS for approximately $370 million to CorrOcean ASA in 2007
- Tender Loving Care Health Care Services – home health care and hospice provider, based in Lake Success, New York. In March 2008 TLC was purchased from Arcapita and its co-investors by Amedisys, Inc.
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- Larson, Eric (July–August 2004). "Honoring Shari'ah". Duke Magazine 90 (4): 3.
- 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.
- "Crescent Capital soon to be Arcapita". Atlanta Business Chronicle (American City Business Journals, Inc.). February 28, 2005. Retrieved 2008-06-21.
- Parker, Mushtak (28 February 2005). "First Islamic Changes Its Name". Arab News. Retrieved 2008-06-21.
- Fitch, Asa (March 19, 2012). "Arcapita Files for Bankruptcy Protection as Debt Talks Fail". Bloomberg.
- David French (3 February 2014). "Arcapita to sell Varel International to Sandvik for $740 million". Reuters.
- Bijoux Terner
- VoIP Communications Management Specialists – Cypress Communications
- "CIT Provides Financing for J. Jill Acquisition". Bloomberg News (Press release). May 17, 2011.
- Meridian Surgical Partners | Performance, Efficiency, Achievement, Knowledge
- ARCAPITA ACQUIRES LEADING STORAGE AND MOVING COMPANY FOR $451.4 MILLION
- Welcome to Tensar International Corporation
- Home – Transportation Safety Technologies Inc
- Yakima Racks, Bike Racks, Roof Racks for Skis, Cargo & Kayaks – Yakima
- Log Homes, Log Home Floor Plans, Log Cabins, Log Cabin Homes, Get log home floor plans from America's largest log home company
- "Church’s Chicken sold to private equity firm". Retrieved 2013-07-19.
- "ARCAPITA ANNOUNCES AGREEMENT TO SELL ROXAR FOR $370 MILLION". Retrieved 2013-07-19.
- Tender Loving Care
- Amedisys Closes TLC Health Care Services, Inc. Acquisition