Global alternative asset manager The Carlyle Group announced that it has established a partnership through which it will hold a significant minority equity stake in Al-Nabil Food Industries Co. Ltd. The founding Rassam family will continue to hold a majority stake. The transaction closed on May 13, 2013. Additional financial details were not released.
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, which 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.
