Carlyle Group buys stake in Jordan’s Al Nabil
Dubai, May 13, 2013
Private equity firm Carlyle Group said on Monday it had acquired a significant minority stake in Al-Nabil Food Industries Company, a Jordanian producer of frozen and chilled foods.
It said the investment was part of a focus on fast-growing consumer-oriented companies in the Mena region.
The founding Rassam family will continue to hold a majority stake. The transaction closed on May 13, 2013. Additional financial details were not released.
Through the company’s agreement with Carlyle Mena, Nabil Foods will retain its existing management and workforce, while benefitting from Carlyle Mena’s experience in transforming family-owned businesses into corporations.
Nabil Founder and CEO Nabil Rassam said, “We at Nabil are very pleased to welcome Carlyle Mena on-board as a partner in our business. Over the years, thanks to the dedication and hard work of our management and employees, we have grown into one of the region’s most recognized and trusted names in the food industry.
“By joining forces with Carlyle Mena, we hope to further expand Nabil’s presence in the Middle East and Africa in a focused and strategic manner. We are confident that, through this partnership, we will be able to provide the high quality selection of Nabil products to a broader range of customers.”
Firas Nasir, managing director and co-head of Carlyle Mena, said: “Nabil is a household name in Jordan. Its comprehensive offering of high-quality products represents an excellent platform for regional growth.”
Nasir further added, “This first investment in Jordan is in line with our commitment to the Mena region, its industries and economy. We remain dedicated to our strategy of becoming value-adding partners in family-owned businesses.”
Carlyle raised $500 million in 2007 for its debut fund in the region. The fund now has five companies in its portfolio including Saudi Arabia's General Lighting Co. and Turkish lingerie and swim wear maker Penti.
Washington D.C.-based Carlyle's assets under management were $176.3 billion at the end of March, up from $170.2 billion at the end of December. It raised $4.9 billion from fund investors during the first quarter, up from $2 billion a year ago. – Reuters & TradeArabia News Service