Dubai-based Fajr Capital has completed its investment into Middle Eastern food franchiser Cravia Group, the private equity firm said in a statement on Monday.
It did not disclose the size of the stake it had acquired or the price paid for the purchase. However, Reuters reported in December that Fajr was seeking a majority stake in the company.
The investment by Fajr will allow Cravia, which owns the licence to operate brands such as U.S. bakery Cinnabon and Lebanese restaurant Zaatar W Zeit in the United Arab Emirates, to fund its expansion in existing markets and new ones including Bahrain and Qatar.
Cravia’s existing management team will remain in place, including founder Walid Hajj as executive chairman and Louay Ghandour as chief executive.
DeNovo, an advisory firm run by May Nasrallah, a former head of investment banking in the Middle East and North Africa for Morgan Stanley, and legal firm Gibson Dunn & Crutcher worked with Cravia.
Arqaam Capital, Deloitte, Freshfields Bruckhaus Deringer, and Strategy& acted on behalf of Fajr Capital, the statement added.
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