Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports.
Mithaq Capital, which invests some of the Al-Rajhi family fortune, bought 46% of the retailer’s shares on Friday and Monday, and another 8% on Tuesday, corporate filings show, and plans to replace the board in a hostile approach reported by Semafor.
“All in, Mithaq spent at least $80 million to buy control of a public company in three trading sessions — an unheard-of blitz for even the most aggressive of hostile bidders and corporate agitators,” Semafor reports.
The Al-Rajhis are said to be Saudi Arabia’s richest non-royals and trace their fortune to Al Rajhi Bank.
Mithaq defines itself as a “decentralized opportunistic conglomerate with the highest level of ethical standards” in investments.
The company on its website says that when its investment opportunities are secured and key criteria are met, “as a rule of thumb…our intention is to hold the proposed company forever.”
