Citi, Levant Bag $100M Stake In Saudi Supermarket Chain

Law360, New York (February 22, 2012, 7:25 PM EST) -- Investment funds advised by Citigroup Inc.'s venture capital arm and Dubai-based Levant Capital Ltd. have closed a $100 million deal to jointly acquire a controlling stake in one of Saudi Arabia's biggest supermarket chains, the companies said Wednesday.

Citi Venture Capital International and Levant bought into Al-Raya For Foodstuff Co. Ltd. to capitalize on the rise in consumer demand among the growing middle class of the Gulf region's largest economy, according to the companies.

Based in Jeddah, Saudi Arabia, Al-Raya operates a growing chain of 25...
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