January 7, 2014 / 6:46 AM / 4 years ago

Investcorp acquires minority stake in Turkish food producer

DUBAI, Jan 7 (Reuters) - 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. (ID:nL5N0HB04M)

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. (Reporting By Mirna Sleiman, Editing by William Maclean)

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