Clifford Chance advised The Carlyle Group on their strategic investment in Al-Nabil Food Industries Co. Ltd., a frozen and chilled food products company in Jordan. The transaction closed on May 13, 2013.
Equity for this investment will come from Carlyle MENA Partners, L.P., a US$500 million growth capital and buyout fund focused on the Middle East, North Africa and Turkey. This transaction is part of Carlyle MENA’s ongoing strategy to invest in fast-growing consumer-centric industries in partnership with family groups. It is also Carlyle’s first investment into Jordan.
The Rassam family, which founded Nabil Foods in 1945, will continue to hold a majority stake in the Jordanian 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.
The Dubai based Clifford Chance team was led by Nigel Wellings, Corporate Partner, and supported by associates Roxana Ghiassee and Abeer Jarrar. The team advised throughout the transaction, including the initial bid phase, advising on pricing mechanics, risk mitigation, due diligence outcomes, structure and the ongoing shareholder relationship.
Nigel Wellings comments: “We were delighted to have advised Carlyle on a further transaction in the region, illustrating the strength of our regional Private Equity practice. Carlyle’s investment underlines the important role private equity has in bringing capital to family-owned businesses across the region.”
Ali Sharif Zu’bi Advocates & Legal Consultants advised Carlyle on the Jordanian law aspects of the transaction. K&L Gates and Deloitte advised the Rassam family in this transaction.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012 (winning for the fifth time in six years).
