JOURNEY

1998
MUSTANG SECURITY
FOUNDED

Mustang Security was launched in 1998 and has subsequently grown to become one of the largest security companies in Pakistan offering static guarding, cash in transit and other security services. Read more

2002
ITHACA CAPITAL
FOUNDED

Ithaca Capital is a privately held investment holding company and a manager of third-party private equity funds. Read more

2004
OPTIMUS FOUNDED

Optimus Limited has been operating as the exclusive licensee of Hertz in Pakistan since 2005 and is the largest limousine and rent-a-car company operating out of 9 offices across 5 major cities. Read more

2005
INVESTMENT IN
CINEPAX

In 2005, Ithaca seeded the development of Pakistan’s first multiplex as a founding investor in Cinepax Limited. It is now the largest cinema chain nationwide. Read more

2006
MUSTANG HRMS
FOUNDED

Mustang HRMS was launched in 2005; it functions as a provider of skilled and unskilled manpower. Read more

2007
RED TOP CAB FOUNDED

In 2007, Ithaca invested in Red Top Cab, a taxi-cab service based out of Karachi. Read more

2008
MUSTANG EYE
FOUNDED

The company was established in 2008 to provide vehicle tracking services and to augment the range of services provided by Mustang Pakistan. Read more

BUSINESS DAY
NEWSPAPER LAUNCHED

Ithaca invested in Business Day, a financial broadsheet, in 2008 to capitalize on the booming capital markets at that time. Read more

2011
ACQUISITION
OF DAEWOO

Ithaca Capital was part of a consortium that acquired Daewoo Pakistan that today provides long-distance passenger bus transportation services to over 50 cities across 3 provinces along and intra-city bus transportation services in Lahore and Multan. Read more

2013
ACQUISITION OF
HABIBULLAH COASTAL
POWER COMPANY

Ithaca Capital led a consortium to buy out a majority stake of HCPC from Kinder Morgan (a US Energy company) and subsequently acquired the remaining stake from legacy shareholders. Read more

2015
ACQUISITION OF
HAWA ENERGY

In May 2015, Ithaca purchased a stake in Hawa Energy, a development stage 50MW wind based renewable energy project. Ithaca took the project to financial close. Read more

DAEWOO CAB LAUNCHED

Provides safe, comfortable and convenient local transport in 5 cities with a fleet of 150 cars. Read more

2016
INVESTMENT IN
BYKEA TECHNOLOGIES

Bykea is the market leader in ride-hailing for motorcycles whilst also providing hyper-local logistics services. Ithaca seeded Bykea Technologies in 2016. Read more

OPTIMUS TECHNOLOGIES
FOUNDED

Optimus Technologies was founded with the intent to leverage the fleet strength at Optimus Limited, the official licensee of Hertz in Pakistan. Read more

2017
ACQUISITION OF KIDCO

Kidco was founded in 1996 and within a short span developed into the 2nd largest baby care business in Pakistan. Read more

LAUNCH OF ITHACA
CAPITAL MANAGEMENT

The company will launch and manage Pakistan focused private equity funds.It is currently in the process of completing negotiations with its cornerstone investors. Read more

2018
INVESTMENT IN
PARTNER'S

Ithaca Capital invested into Partner’s with the intent to bring a convenient and comfortable shopping experience to neighborhood stores. Read more

INVESTMENT IN
ATHENA BRANDS

Athena Brands was launched to bring international brands to Pakistan by developing a chain of retail stores and a distributorship network. Read more