SCPE in $175m Jordanian deal

A Standard Chartered Private Equity lead consortium has invested $175 million for a significant minority stake in FINE, an integrated tissue manufacturer across the Middle East and North Africa region.

The majority of the proceeds will be used to fund the expansion of the company’s production capacity, according to a statement.

FINE is one of the most recognised facial and personal tissue brands in the Middle East along with kitchen, bathroom, industrial hygienic products and baby/adult diapers, according to SCPE. FINE is majority owned by the Nuqul Group of Jordan, where it is headquartered, and is fully integrated with a widespread manufacturing base throughout the GCC, Levant and North Africa.

SCPE, the private equity arm of Standard Chartered Bank, will be granted two seats on the board of the company and will provide strategic insight towards delivering on FINE’s growth strategy in core markets, expanding in new markets in Africa and an eventual IPO.

This is SCPE’s sixth investment in the Middle East and North Africa (MENA), its second investment in a Jordanian headquartered company, and takes overall MENA direct investments to $560 million.

SCPE invests in companies in need of growth capital and buyouts. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. Since inception in 2002 SCPE has invested approximately $7 billion in more than 100 companies across Asia, Africa and the Middle East.