Shariah compliant Navis acquires $15 million Dome Asian coffee chain
Avis-based Navis Capital Partners has acquired Dome, a leading Australian and Asian specialty coffee and restaurant chain. Dome's management team also participated in the buyout, which was valued at approximately $15 million.
Navis is the fund manager that was behind Asia's first ever Shari'ah-compliant private equity fund, for which fundraising was completed last year. Guidance Financial Group based in Washigton, US, is a sponsor of the fund and led the placement in the Gulf. Dome is the one of four acquisitions made by Navis in the last six months.
Dome is styled around a Continental European bistro theme and combines its own specialty coffee blends with a full food menu. There are over 20 Dome outlets in Australia, Brunei, Indonesia, Malaysia, Philippines, Singapore and the United Arab Emirates (UAE).
"We have expansion plans across Asia and the Middle East. Currently, there are only five outlets in UAE,” said Dome's Managing Director, Nigel Oakey. “With over 60 outlets today, Dome expects to at least double in size in the next two or three years,” he added.
Navis Capital Partners, which manages a total of approximately $200 million in buyout funds, was founded in 1998 by former senior executives of the Boston Consulting Group and is now considered one of Asia's foremost private equity fund managers with investments in consumer goods, food processing, outdoor media, retail and distribution. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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