The private equity companies Abraaj Group and TPG have completed a Sharia-compliant investment into the Saudi food group Kudu, Dubai-based Abraaj said on Wednesday.
“The regional QSR [quick-service restaurant] sector is primed for further growth because of the attractive demographics, rising disposable incomes and under-penetration of restaurant chains across the region,” Abraaj said.
“The investment by Abraaj and TPG will help Kudu accelerate an expansive store roll-out plan and is expected to enable the management to capitalise on operational improvement opportunities and sector know-how, building on the extensive experience of Abraaj and TPG in both the QSR and fast-moving consumer goods spaces cross the Middle East and globally.”
Abraaj did not disclose the value of the deal.
Kudu, which has five brands and more than 290 outlets, has appointed Glen Helton as its new chief executive. He has more than 20 years of restaurant experience, including positions in global brands such as Burger King and Popeyes.
TPG has more than US$67 billion of assets under management, while Abraaj manages $9bn across regional, sector and country-specific funds.
TGP has made investments in companies that include Burger King, the retailer Debenhams and the technology firm Lenovo. Abraaj is an investor in Sharjah-based Air Arabia and the supermarket chain Spinneys.
dalsaadi@thenational.ae
Follow The National's Business section on Twitter
