Abu Dhabi’s ADQ, formerly known as Abu Dhabi Development Holding Co. is prepared to buy Al-Nabil Food Industries Co, a Jordanian frozen food processor from its founders and the Carlyle Group LP, according to people with awareness of the matter.
ADQ is set to acquire most of Al-Nabil Food Industries Co from the Al-Nabil family and Carlyle. Moelis & Co. are acting as financial advisors for Al-Nabil and Carlyle on the sale.
Al-Nabil, which delivers frozen and chilled food products such as chicken and pastries, is estimated to be valued at about $300 million.
Representatives for ADQ, Al-Nabil, Carlyle and Moelis are yet to comment on the matter.
Set up in 2018 as a holding company for some of the United Arab Emirates’ biggest assets including Abu Dhabi Securities Exchange, Abu Dhabi Airports Co. and a number of hotel and tourism facilities, ADQ has been on a buying spree. The company, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, last week said it acquired the rest of 30% of shares in National Petroleum Construction Co. it didn’t own.
Washington-based Carlyle in 2013 purchased a minority stake in Al-Nabil, which was founded in 1945, through its Carlyle MENA Partners, a fund focused on the Middle East, North Africa and Turkey. In the Middle East, Carlyle still holds stakes in Saudi Arabia’s Alamar Foods and Turkey’s Penti, according to its website.
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