UAE’s Gulf Capital invests in Tunisian olive oil giant CHO Company
Gulf Capital, the UAE-based alternative asset management firm, has announced that it has invested $22 million in CHO Company, a global producer and exporter of organic and natural olive oil with headquarters based in Tunisia.
The deal marks the seventh investment for Gulf Capital from its $251 million second private debt fund and its first investment in Tunisia, the company said in a statement.
Proceeds from the Gulf Capital investment will be used to fund CHO Company’s expansion and integration plans and working capital, it added.
Founded in 1996 as an olive oil bulk trader operating a single crushing mill, CHO Company today manages one of the largest “farm-to-fork” operation in the sector globally, using sustainable farming methods.
With 6,975,000 olive trees pruned and harvested every year in Tunisia by its 28,000 seasonal and full-time farmers, the company’s large olive oil milling operation headquartered in Sfax, Tunisia, produce over 10 million gallons of first cold press extra virgin olive oil and supply them to over 10,000 customers.
CHO Company has become one of the largest producers and exporters of olive oil in Tunisia, accounting for more than 50 percent of the country’s branded olive oil exports.
It operates its own orchards, mills, extraction facilities for organic and natural olive oil and pomace oil, three distribution centres in North America – in Montreal in Canada and in Houston and New Jersey in the United States of America.
Its customers include retailers in Tunisia, the US, Canada, Europe, China, Brazil, Mexico and Colombia.
Christopher Foll, senior managing director, Private Debt at Gulf Capital, said: “We are delighted to support the company’s continued growth and integration. This transaction will help CHO Company further expand its operations throughout the olive oil production value chain.”
Abdelaziz Makhloufi, founder and chairman of CHO Company, added: “Gulf Capital’s funding will further support our integration plans, through expanding our olive grove plantations across Tunisia. We are fully committed to growing Terra Delyssa’s presence and reach new markets globally.” Source: Arabian Business