Halal Industry

Bahrain’s Investcorp buys majority stake in China food and lifestyle retailer City Super

Bahrain-headquartered Investcorp and China Resources Capital Management Limited are buying a majority ownership position in City Super from Fenix Group and the Lane Crawford Joyce Group.

Fenix and Lane Crawford Joyce will continue to hold a 35% stake in City Super, according to a bourse filing from Investcorp on Tuesday (September 8).

City Super is a high-end food retailing and lifestyle business operating in Hong Kong, Shanghai, and Taiwan. Its three brands are City’Super, LOG-ON and cookedDeli. It has 20 stores in Hong Kong, six in Shanghai and seven in Taiwan, according to its website. 

Investcorp, China Resources Capital, and Fung Strategic Holdings Limited jointly own and manage a private equity vehicle targeted at Asia food brands that in April closed its first $275 million. Its aim is to raise $500 million, it said in November last year.

Investcorp co-CEO Hazem Ben-Gacem said the firm believes City Super Group is “well-positioned for growth”.

The investment manager has a portfolio of food companies across the U.S., Europe, and the broader Middle East and North Africa region, including Turkey. Its recent investments include Saudi Arabia’s Bindawood Holding, American seafood distributor Fortune Fish & Gourmet, and Turkey’s agro commodities manager Tiryaki Agro and meat company Namet.

Investcorp Group’s assets under management at the end of June was $32.2 billion, including assets managed by third parties, it said.

© SalaamGateway.com 2020 All Rights Reserved