Global law firm White & Case LLP has advised Samena Capital, a principal investment group focused on the Subcontinent, Asia, Middle East and North Africa (collectively known as the SAMENA region), on its recently completed acquisition of a stake in Flemingo International, one of the world’s leading emerging markets-focused duty free and travel retail operators.
Samena's investment will be used to fund Flemingo's expansion plan, which includes acquisitions and organic growth through new concessions. Under the terms of the transaction, Samena Capital will be represented on the board of Flemingo International and will provide strategic guidance and access to its unique network of entrepreneurs, family businesses and policymakers to unlock further growth opportunities in Flemingo's core markets.
Flemingo has a presence in 32 countries with more than 140 operations in Asia, Africa, Europe and Latin America. It operates across different formats including duty free shops in airports, borders, downtown and seaports, UN commissary shops, diplomatic duty free, inflight supply as well as convenience stores, food & beverage and luxury retail outlets at airports.
Samena Capital was established in 2008 as a principal investment group focusing on the SAMENA region, managing total capital commitments in excess of US$800 million across two primary investment strategies in private equity and Asian credit.
Atul Ahuja, CEO of Flemingo International, said that the investment by Samena Capital marked an important milestone in the development of Flemingo, with Samena bringing a value-added network in Flemingo's core markets together with business and financial skills which will add considerable value to the organization and the company's long term strategy.
Ramesh Venkataraman, Senior Partner and Head of Private Equity at Samena Capital Investments Ltd., highlighted the opportunities to support Flemingo in its next phase of growth and in unlocking new growth opportunities in the SAMENA region.
The White & Case team which advised on the deal was led by United Arab Emirates-based partner Campbell Steedman with support from associate Salim Azzam. The team worked closely on the transaction with Samena Capital's legal team, led by Senior Partner and General Counsel Markus A. Federle.
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