Third private equity investment this year
Dubai, UAE; October 01, 2014: Samena Capital, a principal investment group focused on the Subcontinent, Asia, Middle East and North Africa (collectively known as the SAMENA region), announced today that it recently completed the acquisition of a stake in Flemingo International, one of the world’s leading emerging markets focused duty free and travel retail operators, headquartered in Dubai. The proceeds will be used to fund Flemingo’s expansion plan, which includes acquisitions and organic growth through new concessions. Under the terms of the transaction, Samena Capital will be represented on the board of Flemingo International and will provide strategic guidance and access to its unique network of entrepreneurs, business families and policymakers to unlock further growth opportunities in Flemingo’s core markets.
This is the third private equity investment completed this year by Samena Capital. Samena invests in private and public companies that are stable mature businesses across Asia and the Middle East. Earlier this year, Samena Capital announced an investment in Mahindra Two Wheelers, a subsidiary of India’s $16 billion Mahindra Group, as well as the landmark acquisition of a 31% stake in RAK Ceramics of the UAE.
Atul Ahuja, CEO of Flemingo International, said: “This investment by Samena Capital marks an important milestone in the development of Flemingo. Samena Capital brings a value-added network in our core markets as well as business and financial skills. We believe that this will add immense value to the organization by driving further growth and sharpening our company’s long-term strategy.”
Ramesh Venkataraman, Senior Partner and Head of Private Equity at Samena Capital Investments Ltd, said: “Flemingo International is a leader in emerging markets duty free and has delivered an impressive geographical expansion over the last decade. We are very excited to support Flemingo in its next phase of growth and look forward to forward to working closely with Atul and the Flemingo team to unlock new growth opportunities in the SAMENA region.”
Flemingo is one of the world’s leading duty free and travel retail operators with a focus on emerging markets. Headquartered in Dubai, the company has a presence in 32 countries with over 140 operations in Asia, Africa, Europe and Latin America. Flemingo operates across different formats like duty free shops in airports, borders, downtown, seaports; UN commissary shops, diplomatic duty free, inflight supply as well as convenience stores, food & beverage and luxury retail outlets at airports.
Samena Capital was established in 2008 as a principal investment group focusing on the SAMENA region. Its distinctive model brings together entrepreneurs and business leaders from across the region as shareholder-investors. The company has regulated investment advisors based in London, Dubai, Hong Kong and an affiliated office in Mumbai and a balance sheet that is uniquely capitalised with equity of US$70 million. Samena Capital manages total capital commitments in excess of US$700 million across two primary investment strategies: Private equity and Asian credit.