ISTANBUL: 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 percent 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. (Reuters)