A Dubai-based team of lawyers from global law firm K&L Gates LLP has advised Jordan’s Rassam family on the sale of a significant minority interest in Al Nabil Food Industries Limited Company (“Nabil Foods”) to global alternative asset manager, The Carlyle Group (NASDAQ:CG). The transaction closed on May 13, 2013, and is the first significant investment by an international private equity house into Jordan.
Carlyle MENA Partners, L.P., is a $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.
The Rassam family, which founded Nabil Foods in 1945, will continue to hold a majority stake in the company, which is the premier producer of a broad range of frozen and chilled food products. Through the company’s agreement with Carlyle MENA Partners, L.P., Nabil Foods will retain its existing management and workforce, while benefiting from Carlyle MENA’s experience in transforming family-owned businesses across the region.
Nabil Foods founder and CEO Nabil Rassam said: “We at Nabil Foods 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 Food’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 our high quality selection of Nabil Foods’ products to a broader range of customers.”
Partner and private equity practitioner Andrew Johnston led the K&L Gates team that represented the Rassam family on the transaction. He was assisted by senior associates Anna Cosgrave and Lowri Llwyd.
Andrew Johnston commented: “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. Our role in this transaction, together with other recent private equity deals on which we have acted, not only highlights the strength and depth of our Middle East corporate practice, but also our ability to advise our clients in relation to their most strategic and complex transactions in the region.”
Lawyers in K&L Gates’ Dubai and Doha offices support clients doing business across the Middle East and North Africa (MENA) region, and beyond. The firm’s team includes 10 partners in the region and delivers clients a full-service legal practice to guide them through the legal challenges of the ever-changing international landscape.
