Bateel, which makes
chocolate-covered dates and other delicacies, has agreed a partnership with L
Capital Asia, a luxury goods-focused private equity firm backed by LVMH Moët
Hennessy Louis Vuitton .
The deal is the first completed by L Capital Asia
in the Middle East, a statement from the private equity firm and Bateel said on
Wednesday. It did not give details of the terms.
Reuters reported on Tuesday that Bateel was in
talks to sell a stake of between 20 percent and 40 percent and Jadwa Investment
had been picked to advise Bateel on the sale.
"We are poised to accelerate Bateel's
expansion beyond our current core markets in the Gulf. L Capital Asia is the
perfect partner to help in this endeavour," Ata Atmar, managing director
of Bateel, said in the statement.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.