Investcorp acquires minority stake in Turkish food producer

DUBAI - Reuters

Bahrain-based Investcorp said on Jan. 7 it had acquired a significant minority stake in a Turkish producer of fresh cut and packaged processed red meat.

Namet is Investcorp’s latest acquisition in the Middle East and comes a few months after it bought a 25 percent stake in Saudi Arabia’s sports and fitness business Leejam Sports.

Investcorp did not disclose the value of the deal in an emailed statement.

Namet, which sells its shariah-compliant products to retailers as well as hotels, restaurants and catering companies, was acquired in 2005 by members of the Kayar family, a family involved in livestock trading since 1929. The family will retain a majority interest in Namet.

Investcorp will seek to capitalize on the growth opportunities for the company in Turkey and beyond, said Tristan de Boysson, managing director, Investcorp Corporate Investments-MENA.

Investcorp, which had $11.5 billion in assets under management at the end of 2012, is one of several investors who have expressed a preliminary interest in buying a stake in Italian fashion house Versace, according to sources.