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Equity for this investment will come from Carlyle MENA Partners, L.P., a $500m growth capital and buyout fund focused on the Middle East, North Africa and Turkey. This transaction is part of Carlyle MENA's ongoing strategy of investing in fast-growing consumer-centric industries in partnership with family groups.
The Rassam family, who founded Nabil Foods in 1945, will continue to hold a majority stake in the local company, which has grown over the years to become a premier producer of a broad range of frozen and chilled food products. 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."
Mr. 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."
Fuelled by a young and growing population as well as strong GDP and income growth, the Gulf States' food imports are expected to grow at a compound annual rate of 8 percent between 2010 and 2020, and Middle East and Africa QSR food consumption is expected to grow 11.5 percent during that time, providing encouraging secular trends to support Nabil's growth platform.
Previous investments made by Carlyle MENA include:
• Alamar Foods, the operator of Domino's Pizza and Wendy's restaurants throughout MENA and producer of food products for the casual dining restaurant industry
• General Lighting Company, one of the largest lighting fixtures manufacturers and suppliers in the Middle East and Africa, based in Saudi Arabia
• Medical Park Sağlık Hizmetleri A. Ş., one of Turkey's largest healthcare services companies with 18 hospitals
• Penti, one of the largest manufacturers of hosiery and retailer of women's hosiery, lingerie and swimwear in Turkey
• Bahcesehir Koleji, one of the largest private education providers in Turkey, with 17 campuses.
Posted by Nadeen El Ajou
