Monday, May 13, 2013
DUBAI (Zawya Dow Jones)--The Carlyle Group (CG) on Monday said it bought a minority stake in Al-Nabil Food Industries, a Jordanian producer of frozen and chilled food, as the U.S. private equity giant continues to invest in areas that cater to the region's growing population.
Carlyle said it established a partnership with Al-Nabil that includes taking a "significant" minority holding, while the food company's founding Rassam family will continue to hold a majority stake.
Carlyle didn't disclose any financial details but said the equity for this investment comes from its $500 million buyout fund that is dedicated to the Middle East, North Africa and Turkey. One of its previous regional investments was in Alamar foods, the operator of Domino's Pizza and Wendy's restaurants throughout the region.
"This transaction is part of Carlyle MENA's ongoing strategy of investing in fast-growing consumer-centric industries in partnership with family groups," Carlyle said in a statement.
Carlyle said the Gulf States' food imports are expected to increase at around 8% between 2010 and 2020, while food consumption in the Middle East and Africa will increase 11.5% during the same period.
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(END) Dow Jones Newswires
13-05-13 1017GMT
