Buyout (LBO, MBO, MBI) • Food

The Abraaj Group Acquires Watawala Plantations

On August 1, 2008, asset manager The Abraaj Group acquired food company Watawala Plantations

Acquisition Context
  • This is The Abraaj Group’s 2nd transaction in the Food sector.
  • This is The Abraaj Group’s 1st transaction in Sri Lanka.

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M&A Deal Summary

Date August 1, 2008
Target Watawala Plantations
Sector Food
Buyer(s) The Abraaj Group
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Watawala Plantations

Colombo, Sri Lanka
Watawala Plantations, together with its subsidiary, Watawala Agro, engages in the cultivation, manufacture, sale, and export of tea, rubber, and palm oil in Sri Lanka.
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Buyer Overview 1

Buyer

The Abraaj Group

Dubai, United Arab Emirates

Category Asset Manager
Founded 2002
PE ASSETS 7.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Abraaj Capital Limited is a private equity firm that seeks investments in the Middle East, North Africa, and South Asia. Abraaj looks for stable, mature businesses and uses a 'buy and build' strategy for growth. Areas of interest include aerospace, healthcare, transportation, financial services, leisure, education, energy, and manufacturing. In addition to its buyout and growth capital investments, Abraaj also invests in real estate and infrastructure. Abraaj Capital was formed in 2002 and is based in Dubai.


Deal Context for Buyer #
Overall 56 of 182
Sector: Food 2 of 11
Type: Buyout (LBO, MBO, MBI) 51 of 144
Country: Sri Lanka 1 of 2
Year: 2008 14 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 Leasing Group

Kazakhstan

Leasing Group started operations in 2005 in Kazakhstan. Its primary business is financial leasing with a focus on small and mid-sized companies. The group hires out construction and mining equipment, transportation vehicles and various manufacturing equipment. As of the end of 2011, the value of the leasing portfolio reached US$ 12.4 million, the number of lease agreements was 184, with 44 lessees. Since investment, the company has returned US$ 1.29 million in loan and interest repayments (13% of investment cost).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-30 Numarine Denizcilik San. Tic. A.$.

Istanbul, Turkey

Numarine manufactures and markets branded luxury motor yachts using vacuum assisted infusion technology. The Company's target markets include Western Europe, Turkey, Russia, Middle East, and West Africa, and has a steadily growing reputation in the boat-building world and distinguishes itself based on its technology, superior quality and competitive pricing.

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