Private equities eye stake in Kuwait's Americana
Dubai, July 1, 2014
Private-equity firms KKR & Co LP and TPG Capital are among the groups looking to buy a majority stake in food retailer Kuwait Food Co SAK, better known as Americana, Bloomberg reported, citing people familiar with the matter.
The report said at least six groups were considering bidding for the stake held by the Kuwait-based billionaire al-Kharafi family.
A deal could value the company at about $5 billion, Bloomberg reported.
The other potential bidders include CVC Capital Partners Ltd and Advent International Corp, Bloomberg said.
The al-Kharafi family owns 66.8 percent of Americana through its private investment company MAK (Mohammed Abdulmohsin al-Kharafi & Sons).
The Kharafis had hired investment bank Rothschild to explore a sale to potential buyers, including private equity groups and sovereign wealth funds in the region, Reuters reported in April.
Americana operates franchise restaurants, including Yum Brands' KFC and Pizza Hut and Darden Restaurants' Red Lobster and Olive Garden, in the Middle East and north Africa.
The company also makes California Garden beans and Farm Frites frozen vegetables.
TPG Capital, CVC Partners and Advent International declined to comment to Reuters.
Americana, MAK and KKR were not immediately available for comment. – Reuters