Mubasher: The UAE-based NBK Capital Partners and Gulf Capital have made a partnership agreement for the first time for a strategic investment in Jordan’s Classic Fashion Apparel Industry, one Jordan’s leading private sector employers with over 24,000 employees.
Upon this partnership, Classic Fashion Apparel will be able to enter the next stage of its development, boosting the expansion of production facilities, according to a recent statement.
Classic Fashion Apparel, which was founded in 2003, has achieved significant growth with an annual turnover exceeding $450 million.
The Jordan-based company has longstanding ties with international retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP, the statement added.
“Its highly experienced executive team has built a world-class operation, and we are excited to be partnering with Gulf Capital to support Classic Fashion Apparel’s next chapter,” Yaser Moustafa, senior managing director at NBK Capital Partners, said.
The robustness of Classic Fashion Apparel’s business – and both Gulf Capital’s and NBK Capital Partners’ track record of deploying capital into industry – reflects the commitment to achieving superior opportunities and returns for investors, senior managing director and head of the private debt business at Gulf Capital, Walid Cherif, said.
Chairman and managing director at Classic Fashion Apparel Industry, K.S. Sanal Kumar, said: “We launched 15 years ago with 300 staff and 130 machines and our annual turnover was just US$2 million.”
This partnership agreement is considered the fourth investment for the $160m NBK Capital Partners Mezzanine Fund II that is now more than 50% deployed.
Meanwhile, this investment is the 13th for Gulf Capital’s Private Debt funds and the fifth investment for its Gulf Credit Opportunities Fund II, with nearly 50% of the fund invested across defensive sectors across the Middle East and Africa region.
