NBK Capital Equity Partners Fund completes $70.7m sale of Turkish Edible Oils Company to Savola of Saudi Arabia

NBK Capital has announced the completion of the sale of Turkish edible oils company Yudum Foods to Afia International Company, a subsidiary of Savola of Saudi Arabia, for $70.7m.

Kuwait: Sunday, January 13 - 2008 at 10:47
PRESS RELEASE

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The deal is the first exit for NBK Capital Equity Partners Fund and has generated a 2.8x cash on cash return and 318% IRR.

'The sale of Yudum is the first exit for the Fund and I am confident that this sets a great precedent for our future deals in the region,' explained Amjad Ahmad, Chief Executive of Investment and Merchant Banking at NBK Capital.

Samir Assaad, Managing Director of NBK Capital Equity Partners Fund said: 'I am delighted that in such a relatively short time we have been able to make considerable progress with Yudum and substantially increase revenue and profits making the company a very attractive proposition for a buyer.'

'This is the ideal time for Yudum to enter the next phase of its growth by becoming part of a global player in the sector, which has been achieved by a perfect strategic and geographic fit through the sale to Afia International, the highest volume producer of branded edible oils in the world.'

NBK Capital is confident that the success of this deal will lay the foundations for future deals and help to reinforce the company's growing strength in merchant banking in the region where it operates from offices in Kuwait, Dubai and Istanbul.

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Notes and media contacts

About NBK Capital
NBK Capital is a leading investment and merchant bank in the Middle East region that employs 120 highly skilled finance professionals across the region in offices in Kuwait, Istanbul and Dubai. NBK Capital Equity Partners Fund, the first private equity fund managed by NBK Capital, invests in companies in the GCC, Turkey, Egypt and the Levant. Through an active ownership approach, provision of expansion capital and partnership with strong management, the Fund aims to build strong and enduring companies.

About Yudum Foods

Yudum Foods is the leading packaged edible oils company in Turkey. It focuses on the production and marketing of sunflower oil and maize oil under the widely recognized Yudum and Sirma brands.

About Savola

Founded in 1979 in Saudi Arabia the company employs 6,500 workers with a capital of SAR1.8 bn. Savola's first business was in the edible oil industry and it is today one of the most successful and fastest growing multinational food groups in the Gulf and Middle East region. Its subsidiary Afia International is the highest volume producer of branded edible oils in the world.

For further information, please contact:
Dina Sabry
Media Relations Manager
Hill & Knowlton
Tel: (+965) 232 2976
Mobile: (+965) 944 5975

Posted by Anne-Birte Stensgaard, Senior News Editor
Sunday, January 13 - 2008 at 10:47 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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