Dubai’s Gulf Capital PJSC, which is one of the largest private equity firms in the Middle East with an asset value of $2.5 billion, has sold its food-service distribution business Chef Middle East for $100 million, Bloomberg reported.
“The sale to Nasdaq-listed The Chefs’ Warehouse generated 2.5 times return on investment,” Gulf Capital said in a statement.
The statement added that Chef Middle East grew its revenue by more than 150 percent and operating income by 91 percent under Gulf Capital’s ownership.
Gulf Capital was advised by deNovo Partners and Eversheds Sutherland, whereas the Chef’s Warehouse was advised by PwC and Shearman & Sterling.
“The Chefs’ Warehouse said in a separate statement that the acquisition of Chef Middle East is expected to generate between $160 million and $180 million in annual net sales and $11 million to $14 million in earnings before interest, taxes, depreciation, and amortisation,” Bloomberg said.
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