ICPL Announces Acquisition of Quick Foods Industries
Acquisition of Quick Foods Industries
Published: 29 May 2018
By: Business Recorder
IJARA Capital Partners Limited (ICPL), a private equity and venture capital (PE&VC) firm, on Monday announced the acquisition of Quick Foods Industries (Pvt.) Ltd, one of the pioneers and leader in the frozen food industry of Pakistan, operating under the brand name of “MonSalwa”, through its Pakistan Emerging Markets Fund-I.
According to an announcement of the IJARA group here on Monday, ICPL has acquired the brand MonSalwa with its legacy, operations and management. It will retain MonSalwa’s management team and build upon, with its experienced professionals.
Founded in 1997 by Sanaulla Group of Companies, MonSalwa is one of the most recognizable brands in the frozen food industry in Pakistan offering a wide product range to its consumers. MonSalwa is driven by the belief that food should be artfully prepared, wholesome and safe. Over the decades it has also won the trust of many institutional customers, including restaurants and large modern retail outlets.
IJARA Capital Partners Limited (ICPL) is one of the pioneers, PE & VC fund management companies, that was licensed for operations by the Securities and Exchange Commission of Pakistan (SECP) in 2016. Thereafter, in April 2017, ICPL launched its first locally hosted PE& VC fund, namely Pakistan Emerging Markets Fund -I amounting to PKR10 billion. The target sectors for investments included Healthcare, FMCG, Education, Real Estate, Logistics and Technology.
Commenting on the transaction, Farrukh Ansari, CEO IJARA Capital, said that this transaction marks an important milestone in ICPL’s strategy, being its first largest investment in Pakistan. It not only strengthens IJARAs position as a key equity investor but also marks its penetration in the FMCG industry.
ICPL is committed to investing in MonSalwa’s operations to expand its reach in the international markets resulting in increased export and foreign inflow. Hence, promoting economic growth and new job prospects in the country, Farrukh Ansari added.