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05 March 2024

Bateel agrees L Capital Asia partnership

By Reuters

Bateel, which makes chocolate-covered dates and other delicacies, has agreed a partnership with L Capital Asia, a luxury goods-focused private equity firm backed by LVMH Moët Hennessy Louis Vuitton.

The deal is the first completed by L Capital Asia in the Middle East, a statement from the private equity firm and Bateel said on Wednesday. It did not give details of the terms.

Reuters reported on Tuesday that Bateel was in talks to sell a stake of between 20 per cent and 40 per cent and Jadwa Investment had been picked to advise Bateel on the sale.

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