Founded in 1907 and headquartered in Dubai, Damas is among the oldest and most prominent Jewellery retailers in the Middle East, with a store network of 146 outlets across the GCC.
Titan is acquiring 67% of Damas from Mannai Corporation QPSC, Qatar (Mannai) at an Enterprise Value of AED 1038 mn (approx $280 mn).
- The remaining 33% stake, currently held by Mannai, will be available for purchase by Titan after December 31, 2029, subject to the mutually agreed conditions.
- The transaction will be funded through a mix of debt, internal accruals, and existing cash reserves.
- Damas revenues
- FY 2024: AED 1,461 mn
- FY 2023: AED 1,332 mn
- FY 2022: AED 1,140 mn
Acquisition provides Titan with an established brand and business in the GCC region.
The acquisition seems to be attractively priced at <1x of revenues. Titan for comparison trades at >5x of it’s revenues.