Dubai: A Standard Chartered Private Equity (SCPE) lead consortium has invested $175 million (Dh643 million) for a significant minority stake in Fine, an integrated tissue manufacturer across the Middle East and North Africa region.
The proceeds will be used to fund the expansion of the company’s production capacity in core markets and opportunities in new markets.
Fine is majority owned by Nuqul Group of Jordan, where it is headquartered, and has manufacturing bases throughout the GCC, Levant and North Africa.
As part of the deal SCPE will be granted two seats at the board of the company and will provide strategic insight towards delivering on Fine’s growth strategy in core markets, expanding in new markets in Africa and an eventual IPO.
This is SCPE’s sixth investment in the Middle East and North Africa (Mena), its second investment in a Jordanian headquartered company, and takes overall Mena direct investments to $560 million.
“Fine’s active ownership, high quality management team, iconic brand, transparency and independent governance make it one of the leading consumer brand companies in the Mena region. We look forward to working with our partners and helping the company and Group achieve its long-term strategic objectives,” said Taimoor Labib, Regional Head of Mena Private Equity & Head of Global Private Equity Portfolio Management at SCPE
Labib and his colleague Omar Rifai, Executive Director, will be joining the FINE Board on behalf of SCPE.
