Deloitte Corporate Finance Ltd (Deloitte) acted as the exclusive financial adviser to Al-Nabil Food Industries Co. Ltd. on the sale of a significant minority equity stake to Carlyle MENA Partners, L.P. The transaction closed on 13 May 2013 and marks the first major global private equity investment into Jordan.
In Nabil Foods, founded in 1945 by the Rassam family is a leading name in the frozen food industry based in Jordan. The Company distributes its own prominent brand of frozen food and cold cuts in Jordan and across the Middle East and Africa. The Company also provides premium quality meat to international quick service restaurants across the region.
Nabil Foods’ partnership with Carlyle MENA, a $500 million growth capital and buyout fund focused on the Middle East, North Africa and Turkey, will assist in propelling its continued growth and transforming the family owned business into a corporation.
The process received significant interest from global and regional private equity firms, family groups and trade buyers. Deloitte managed the sales process and led negotiations from initiation to closing. Niels Stidsen, Director of Deloitte Corporate Finance Advisory, commented: “This process is a clear testament to the investment appetite of regional and international investors for well managed companies in the Middle East, such as Nabil Foods. The transaction marks a key milestone for Jordan and we expect to see a significant amount of international capital flowing into the country over the next few years.”
“Deloitte was selected to assist us in finding a strong partner who would support us in growing our business further and therefore we are very pleased to welcome Carlyle MENA on-board as that partner. 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 aim to further expand Nabil Foods’ presence in the Middle East and Africa in a focused and strategic manner,” Founder and CEO of Nabil Foods, Nabil Rassam said.
K&L Gates LLP (K&L Gates) acted as legal advisers to Nabil Foods.
“We are delighted to have been able to assist the Rassam family in entering into this strategic partnership with Carlyle. It is a transaction that will be transformational for Nabil Foods as it seeks to further expand its business across the region,” Andrew Johnston, K&L Gates LLP, partner and private equity specialist, who said.