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Abu Dhabi-based alternative asset management firm Gulf Capital has completed the sale of 100% of Chef Middle East to Nasdaq-listed specialty food distributor, The Chef’s Warehouse.
The $100 million transaction, which is said to be one of the few strategic deals involving a Nasdaq-listed company in the GCC region in recent years, has generated 2.5 times returns, the company said in a statement on Wednesday.
Chef Middle East is a foodservice distribution business. During Gulf Capital’s ownership, the company saw its revenues and operating income grow by more than 150% and 91%, respectively.
The strong revenue growth was achieved after Chef Middle East expanded and increased its product range.
Gulf Capital manages more than $2.5 billion in assets across seven funds and investment vehicles. It focuses on technology, fintech, healthcare, business services, consumer and sustainability.
Since its inception, the company has closed 37 investments.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
