Bahrain-based Investcorp said on Tuesday it had acquired a significant minority stake in a Turkish producer of fresh cut and packaged processed red meat.
Namet Gida Sanayi ve Ticareti A.S., also known as Namet, is Investcorp’s latest acquisition in the Middle East and comes a few months after it bought a 25 per cent stake in Saudi Arabia’s sports and fitness business Leejam Sports Co.
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.