NBK Capital Equity Partners Fund completes $70.7 million sale of Turkish edible oils company to Savola
NBK Capital has announced the completion of the sale of Turkish edible oils company Yudum Foods to Afia International Company, a subsidiary of Savola of Saudi Arabia, for US$70.7 million. The deal is the first exit for NBK Capital Equity Partners Fund and has generated a 2.8x cash on cash return and 318% IRR.
“The sale of Yudum is the first exit for the Fund and I am confident that this sets a great precedent for our future deals in the region,” explained Amjad Ahmad, Chief Executive of Investment and Merchant Banking at NBK Capital.
Samir Assaad, Managing Director of NBK Capital Equity Partners Fund said: “I am delighted that in such a relatively short time we have been able to make considerable progress with Yudum and substantially increase revenue and profits making the company a very attractive proposition for a buyer.”
“This is the ideal time for Yudum to enter the next phase of its growth by becoming part of a global player in the sector, which has been achieved by a perfect strategic and geographic fit through the sale to Afia International, the highest volume producer of branded edible oils in the world.”
NBK Capital is confident that the success of this deal will lay the foundations for future deals and help to reinforce the company’s growing strength in merchant banking in the region where it operates from offices in Kuwait, Dubai and Istanbul.
- NBK Capital Equity Partners Fund agrees to sell 100 % of Yudum foods to Afia International Company
- NBK Capital private equity acquires leading Turkish edible oils company
- Savola’s capitalization reaches $1.3 billion
- Saudi Savola sells carton factory
- Saudi Savola Group records $11 million net profits in 1Q 2002