Abu Dhabi’s ADQ is close to buying a Jordanian frozen food processor from its founders and the Carlyle Group LP, according to people with knowledge of the matter. The company, formerly known as Abu Dhabi Development Holding Co., is set acquire most of Al-Nabil Food Industries Co. from the Al-Nabil family and Carlyle, the people said, asking not to be identified as the information is private. Moelis & Co. is advising Al-Nabil and Carlyle on the sale, they said. Al-Nabil, which produces frozen and chilled food products such as chicken and pastries, was said to be valued at about $300 million, Bloomberg reported in June, people with knowledge of the matter said at the time. Representatives for ADQ, Al-Nabil, Carlyle and Moelis all declined to comment. Washington-based Carlyle in 2013 bought a minority stake in Al-Nabil, which was founded in 1945, through its Carlyle MENA Partners, a fund focused on the Middle East, North Africa and Turkey. In the Middle East, Carlyle still owns stakes in Saudi Arabia’s Alamar Foods and Turkey’s Penti, according to its website.
• 30 Apr, 2020