(MENAFN) Abraaj, the Dubai-based private equity firm, announced it has acquired stake in Wine Connection, the Southeast Asian food and drink chain, though it did not disclose the amount of money it paid in the deal, Arabian Business reported.
Abraaj, which manages assets worth around USD7.5 billion, said that it had bought a majority stake in the company which runs 55 restaurants and wine shops in Singapore and Thailand, in a deal that marks the company's fourth investment into Southeast Asia's food and beverage industry.
'Rapid population growth, urbanization and the rise of the middle class across the region are the primary drivers for the sector's growth and Wine Connection is well positioned with its focused offering to leverage the opportunities that come with these fundamental market dynamics,' Abraaj said in a statement.
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