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. The deal is the first exit for NBK Capital Equity Partners Fund.
“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.