New investors may also be offered the chance to buy additional shares in Bateel from the Al Sudairy family — who own a majority stake — to help raise money for the company’s expansion, the people said.
Representatives for UBS and Bateel declined to comment, while L Catterton didn’t respond to requests for comment.
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Bateel began as a date farming business established by the Al Sudairy family in the 1930s before branching out into cafes and boutiques selling gourmet food.
L Catterton’s investment was a relatively rare example of an international private equity investment into Saudi Arabia, which has been keen to attract more foreign fund managers.
As part of that push, the kingdom’s nearly $1 trillion Public Investment Fund said in April that it would give BlackRock Inc. as much as $5 billion to invest in the Middle East and build a Riyadh-based investment team.
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