Lesha Bank, formerly known as Qatar First Bank (QFB) and CVC Capital Partners, a Luxembourg-based private equity firm, have completed a co-investment of $78 million to acquire a non-controlling stake, under 5 percent, in 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.
Headquartered in the Netherlands, 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.
Sheikh Faisal bin Thani Al-Thani Chairman Lesha Bank
“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 world-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.”
Mr. Abdulrahman Totonji, Lesha Bank CEO said that “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.”
