Arcapita
Encyclopedia
Arcapita Inc. is a Delaware-incorporated
holding and real estate
company, headquartered in Atlanta, Georgia
.
The company is wholly owned by the Bahrain
-based Arcapita Bank, formed in 1996 as the First Islamic Investment Bank. Arcapita Bank has offices in Bahrain, Atlanta, London
, and Singapore
.
The company buys and sells American companies for between $200 million and $1 billion, and sells them four to six years later.
. 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 East
ern 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.
, 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.
advisory board. The board includes a retired judge from Saudi Arabia
's Supreme Court
, and religious scholars from Pakistan
and Bahrain. In accordance with Islam
ic 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.
Delaware corporation
The Delaware General Corporation Law is the statute governing corporate law in the state of Delaware. Delaware is well known as a corporate haven. Over 50% of U.S...
holding and real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
company, headquartered in Atlanta, Georgia
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
.
The company is wholly owned by the Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
-based Arcapita Bank, formed in 1996 as the First Islamic Investment Bank. Arcapita Bank has offices in Bahrain, Atlanta, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
.
The company buys and sells American companies for between $200 million and $1 billion, and sells them four to six years later.
Name change
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 BahrainBahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
. 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 East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
ern 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 attacksSeptember 11, 2001 attacks
The September 11 attacks The September 11 attacks The September 11 attacks (also referred to as September 11, September 11th or 9/119/11 is pronounced "nine eleven". The slash is not part of the pronunciation...
, a boycott was initiated against the coffee chain Caribou Coffee
Caribou Coffee
Caribou Coffee Company is a specialty coffee and espresso retailer, the second largest in the United States after Starbucks. Caribou sells coffee, tea, and bakery goods in 415 company-owned coffeehouses in 16 states and the District of Columbia, as well as 126 franchise locations worldwide.-...
, 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 ShariaSharia
Sharia law, is the moral code and religious law of Islam. Sharia is derived from two primary sources of Islamic law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Fiqh jurisprudence interprets and extends the application of sharia to...
advisory board. The board includes a retired judge from Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
's Supreme Court
Supreme court
A supreme court is the highest court within the hierarchy of many legal jurisdictions. Other descriptions for such courts include court of last resort, instance court, judgment court, high court, or apex court...
, and religious scholars from Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
and Bahrain. In accordance with Islam
Islam
Islam . The most common are and . : Arabic pronunciation varies regionally. The first vowel ranges from ~~. The second vowel ranges from ~~~...
ic Sharia law, the company does not invest in any businesses which offer credit
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...
or charge interest
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
, or sell pornography
Pornography
Pornography or porn is the explicit portrayal of sexual subject matter for the purposes of sexual arousal and erotic satisfaction.Pornography may use any of a variety of media, ranging from books, magazines, postcards, photos, sculpture, drawing, painting, animation, sound recording, film, video,...
, alcohol
Alcoholic beverage
An alcoholic beverage is a drink containing ethanol, commonly known as alcohol. Alcoholic beverages are divided into three general classes: beers, wines, and spirits. They are legally consumed in most countries, and over 100 countries have laws regulating their production, sale, and consumption...
, or pork
Pork
Pork is the culinary name for meat from the domestic pig , which is eaten in many countries. It is one of the most commonly consumed meats worldwide, with evidence of pig husbandry dating back to 5000 BC....
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.
Subsidiaries
Arcapita's holdings include:- 3PD, Inc.3PD, Inc.3PD, Inc., based in Marietta, Georgia, is one of the largest providers of in-home residential delivery services in the United States. 3PD provides in-home delivery of "heavy goods", those items like furniture and appliances that may require the delivery driver to enter the home and place it in a...
– national provider of in-home delivery services based in Marietta, GeorgiaMarietta, GeorgiaMarietta is a city located in central Cobb County, Georgia, United States, and is its county seat.As of the 2010 census, the city had a total population of 56,579, making it one of metro Atlanta's largest suburbs... - Bijoux TernerBijoux TernerBijoux Terner is a global chain of fashion retail stores with over 700 locations around the world.Known for its wide assortment of accessories and simple price point strategy, Bijoux Terner has over 35 years of experience designing, sourcing, and selling accessories inspired by global fashion...
– fashion retailer and supplier of handbags, jewelry, watches, and other goods to airports, hotels, cruise ships, and entertainment venues, based in Miami, FloridaMiami, FloridaMiami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625... - Caribou CoffeeCaribou CoffeeCaribou Coffee Company is a specialty coffee and espresso retailer, the second largest in the United States after Starbucks. Caribou sells coffee, tea, and bakery goods in 415 company-owned coffeehouses in 16 states and the District of Columbia, as well as 126 franchise locations worldwide.-...
– large coffeehouse chain in the U.S., based in Minneapolis, MinnesotaMinneapolis, MinnesotaMinneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States... - Cirrus DesignCirrus DesignThe Cirrus Aircraft Corporation is an aircraft manufacturer that was founded in 1984 by Alan and Dale Klapmeier to produce the VK-30 kit aircraft....
– manufacturer of single-engine, piston-powered aircraft for general aviation, based in Duluth, MinnesotaDuluth, MinnesotaDuluth is a port city in the U.S. state of Minnesota and is the county seat of Saint Louis County. The fourth largest city in Minnesota, Duluth had a total population of 86,265 in the 2010 census. Duluth is also the second largest city that is located on Lake Superior after Thunder Bay, Ontario,... - Compagnie Européenne de Prestations Logistiques (CEPL) - contract logistics company based in Béville-le-ComteBéville-le-ComteBéville-le-Comte is a commune in the Eure-et-Loir department in northern France.It is the world capital of scarecrow. A celebration is organised every two years.-Population:-References:*...
, FranceFranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France... - Cypress CommunicationsCypress CommunicationsCypress Communications is a United States telecommunications firm and a Competitive Local Exchange Carrier . Cypress Communicaitons provides hosted voice, data VoIP and unified communications to small and medium-sized businesses and enterprises across the United States...
– small-business telecommunications provider, based in Atlanta, GeorgiaAtlanta, GeorgiaAtlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in... - Falcon Gas Storage - largest US-based independently-owned operator of high-deliverability, multi-cycle (HDMC) natural gas storage capacity, based in Houston, TexasHouston, TexasHouston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
- FORBA Holding, LLC - dental practice management company affiliated with Small Smiles Dental CentersSmall Smiles Dental CentersSmall Smiles Dental Centers is a privately owned US chain of dental clinics focused on serving children from low-income families. Small Smiles has 70 centers located in 22 states and Washington, D.C., and says that it serves hundreds of thousands of children annually.In January 2010, it gained...
- FreightlinerFreightlinerFreightliner can refer to* Freightliner Trucks, a heavy vehicle manufacturer in the United States* Freightliner Group Limited, a European rail-freight operator* Freight liner , describing a cargo ship operating to a repeating schedule...
- 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, MassachusettsQuincy, MassachusettsQuincy is a city in Norfolk County, Massachusetts, United States. Its nicknames are "City of Presidents", "City of Legends", and "Birthplace of the American Dream". As a major part of Metropolitan Boston, Quincy is a member of Boston's Inner Core Committee for the Metropolitan Area Planning Council...
- Meridian Surgical Partners – owns and operates ambulatory surgery centers in partnership with physicians throughout the United States, based in Nashville, TennesseeNashville, TennesseeNashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
- PODSPODS (company)PODS, or Portable On Demand Storage is a moving and storage company. It was founded in 1998 and is based in Clearwater, Florida.- Business :...
- moving and storage company based in Clearwater, FloridaClearwater, FloridaClearwater is a city located in Pinellas County, Florida, US, nearly due west of Tampa and northwest of St. Petersburg. In the west of Clearwater lies the Gulf of Mexico and in the east lies Tampa Bay. As of the 2000 census, the city had a total population of 108,787. It is the county seat of... - Roxar – manages reservoir problems in the oil and gas industries, based in Stavanger, Norway
- Southland Log Homes – a log home manufacturer, based in Irmo, South CarolinaIrmo, South CarolinaIrmo is a town in Lexington and Richland counties in the U.S. state of South Carolina and a suburb of Columbia. It is 12 miles outside of the city center of Columbia and is part of the Columbia Metropolitan Statistical Area...
- TensarTensar-History:In the late 1970s, Netlon’s founder, Dr Brian Mercer, invented and patented the Tensar stiff polymer geogrid, now used worldwide. Throughout the 1980s and 1990s, the company developed, refined and researched Tensar uniaxial and biaxial geogrids, and expanded the range of construction...
– 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, IndianaIndianapolis, IndianaIndianapolis is the capital of the U.S. state of Indiana, and the county seat of Marion County, Indiana. As of the 2010 United States Census, the city's population is 839,489. It is by far Indiana's largest city and, as of the 2010 U.S...
- Varel International - manufacturer of Synthetic Diamond compact and roller cone bitRoller cone bitA roller-cone bit is a drill bit used for drilling through rock, for example when drilling for oil and gas.- Characteristics :The bits are sub divided into different categories depending on soil condition. There are three main categories: soft, medium and hard formation bits. Soft formation rock...
s for the oil and gas bit market with operations in 22 countries, based in Carrollton, TexasCarrollton, Texas-Climate:*On average, the warmest month is July.*The highest recorded temperature was 112°F in 1980.*The average coolest month is January.*The lowest recorded temperature was 1°F in 1989.*The most precipitation on average occurs in May.... - 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, UtahSalt Lake City, UtahSalt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake or SLC. With a population of 186,440 as of the 2010 Census, the city lies in the Salt Lake City metropolitan area, which has a total population of 1,124,197...
- Yakima Products – manufacturer of sport racks and accessories for cars, based in Beaverton, OregonBeaverton, OregonBeaverton is a city in Washington County, Oregon, United States, seven miles west of Portland in the Tualatin River Valley.As of the 2010 census, the population is 90,267. This makes it the second-largest city in the county and Oregon's sixth-largest city...
Former investments
- Ampad – supplier of paper office products, based in Richardson, TexasRichardson, TexasRichardson is a city in Dallas and Collin Counties in the U.S. state of Texas. As of the 2010 census, the city had a total population of 99,223. In 2011 the population was estimated to be 107,684. Richardson is an affluent inner suburb of Dallas and home of the Telecom Corridor with a high...
- Church's ChickenChurch's ChickenChurch's Chicken is a US-based chain of fast food restaurants specializing in fried chicken, also trading outside North America as Texas Chicken. The chain was founded as Church's Fried Chicken To Go by George W. Church, Sr., on April 17, 1952, in San Antonio, across the street from The Alamo...
– fast-food restaurant franchise, based in Atlanta, GeorgiaAtlanta, GeorgiaAtlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
, sold to Friedman Fleischer & LoweFriedman Fleischer & LoweFriedman Fleischer & Lowe is a private equity firm, founded in 1998 by Tully Friedman, Spencer Fleischer, David Lowe, and Christopher Masto. The firm makes investments primarily through leveraged buyouts and growth capital investments....
on August 10, 2009 - Tender Loving Care Health Care Services – home health care and hospice provider, based in Lake Success, New YorkLake Success, New YorkLake Success is a village in Nassau County, New York in the United States. The population was 2,934 at the 2010 census.Lake Success is in the Town of North Hempstead on northwest Long Island. Lake Success was the temporary home of the United Nations from 1946 to 1951, occupying the headquarters of...
. In March 2008 TLC was purchased from Arcapita and its co-investors by Amedisys, Inc.