Continue reading Lesha Bank Co-invests in Ekaterra, the World-Renowned Global Tea Business" />
Lesha Bank LLC (Public) (the ‘Bank’) announced that it has completed a co-investment with CVC Capital Partners, through which a company established by the Bank has invested €75m to acquire a non-controlling stake (under 5%) in the equity share capital of the new holding company of the world-renowned global tea business, Ekaterra.
The Ekaterra investment is an exciting addition to Lesha Bank’s Shari’a-compliant private equity portfolio and demonstrates the Bank’s proprietary deal access to CVC Capital Partners, a global, top-tier private equity fund, as part of the Bank’s international growth strategy.
Ekaterra is home to a portfolio of 34 prominent brands and was established by Unilever in 2021 as a standalone business. Subsequently, an agreement was signed in November 2021 for the sale of the business to CVC with the acquisition being completed on 1 July 2022. The business operates in over 80 countries, with 11 production factories in 4 continents and tea estates in 3 countries. The company’s tea brands, including Lipton, Brooke Bond, PG tips, Pukka, T2, and TAZO, are well recognized worldwide and enjoy long-standing success, with the Lipton and Brooke Bond brands having been operational for over 150 years.
HE Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: “We are pleased to co-invest with CVC Capital Partners in the renowned Ekaterra business. This deal is a testament to the Bank’s expertise and international access, as well as its leadership in bringing word-class investment opportunities to our local clients. The Private Equity arm will play a significant role in the Bank’s future growth momentum and will provide access to a diverse range of Shari’a-complaint premium products, which we hope will prove lucrative for our esteemed clients. Over the past few years, we have successfully sourced and exited private equity deals and we look forward to exploring more markets while diversifying our offerings with the aim to provide attractive Shari’a-compliant investment opportunities coupled with substantial gains and favorable return on investment.”
Mr. Abdulrahman Totonji, Lesha Bank CEO added: “Our Private Equity team is entering yet another landmark deal, this time an investment in Ekaterra, alongside the prominent Private Equity firm, CVC Capital Partners. This is a great achievement for the Bank, and I would like to thank our Private Equity team for their continuous efforts to reinforce our diverse portfolio, allowing us to partner with top-tier Private Equity funds. Our key focus remains on strengthening and widening the Bank’s Private Equity portfolio through carefully picked deals as part of the Bank’s future strategic direction to generate sustainable income. We are proud to co-invest with CVC and to be an investor in Ekaterra, a strong business, and amongst world-renowned players in their respective fields.”
Lesha Bank LLC (Public), formerly known as Qatar First Bank, is the first independent Shari’a-compliant Bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).