L Capital Asia backs Saudi Arabia gourmet confectioner

The details of the transaction were not disclosed but Reuters reported that the GP had been in talks to acquire a 20-40% interest in Bateel. The company produces a range of luxury sweets and fine foods, including chocolate-covered dates, pastries, and date-derived preserves.

Headquartered in Saudi Arabia, it has a second office in Dubai and a chain of 43 confectionery boutiques across 14 countries. Nine of these outlets are in Asia, spanning India, Indonesia, Malaysia, and Pakistan. Bateel also operates the Cafe Bateel chain, which has 14 outlets across Saudi Arabia and the United Arab Emirates.  

"We are poised to accelerate Bateel's expansion beyond our current core markets in the Gulf," said Ata Atmar, managing director of Bateel, in a statement. "L Capital Asia is the perfect partner to help in this endeavour."

This is the second deal announced by L Capital this month. The GP recently committed $100 million in a second round of funding to Sasseur Group, a Chinese outlet shopping mall developer.

L Capital Asia reached a first close on its second regional fund September 2013 at the hard cap of $950 million after less than six months in the market. The final close, which included the GP commitment, followed a few months later.

Other recent investments include two Australian companies, swimwear brand Seafolly and sports apparel brand 2XU; Korean talent agency YG Entertainment; Singapore restaurant chain Crystal Jade; and Greater China out-of-home advertising company Asiaray Media Group.

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• Topics
• MENA
• Expansion
• Consumer
• Growth capital
• L Capital Asia
• Consumer
• MENA
• Asia