Dubai: Fajr Capital, a Dubai-based private equity investor, has completed the purchase of Cravia Group, it said in a statement on Monday.
The private equity house did not give the size of the stake nor the amount paid for the acquisition.
However, it was looking to buy a majority stake in the food and beverage company, according to a Reuters report last December.
Fajr Capital’s investment in Cravia, which operates brands like Zaatar w Zeit, Cinnabon, Seattle’s Best Coffee and Carvel ice cream, will help the company expand in existing markets and new ones such as Bahrain and Qatar.
“We are delighted to announce our investment in Cravia at such an important stage in the company’s growth trajectory, and look forward to expanding the business in our constituent markets,” stated Iqbal Khan, chief executive of Fajr Capital.
Walid Hajj, founder of Cravia, will remain executive chairman, while the company’s management team will also remain in place and will continue to be led by chief executive Louay Ghandour, according to the statement.
Dubai-based deNovo Corporate Advisors were sell-side advisers on the deal, while Gibson Dunn & Crutcher provided legal representation to the shareholders of Cravia.
Arqaam Capital, Deloitte, Freshfields Bruckhaus Deringer, and Strategy& acted on behalf of Fajr Capital.