Under the terms of the transaction, Samena Capital will be represented on the board of Flemingo International and will provide strategic guidance and access to its unique network of entrepreneurs, business families and policymakers to unlock further growth opportunities in Flemingo’s core markets.
Atul Ahuja, CEO of Flemingo International, said: “This investment by Samena Capital marks an important milestone in the development of Flemingo. Samena Capital brings a value-added network in our core markets as well as business and financial skills. We believe that this will add immense value to the organization by driving further growth and sharpening our company’s long-term strategy.”
Ramesh Venkataraman, Senior Partner and Head of Private Equity at Samena Capital Investments Ltd, said: “Flemingo International is a leader in emerging markets duty free and has delivered an impressive geographical expansion over the last decade. We are very excited to support Flemingo in its next phase of growth and look forward to forward to working closely with Atul and the Flemingo team to unlock new growth opportunities in the SAMENA region.”
Flemingo has continued its expansion in the last year by acquiring Chacalli De Decker, openings its first duty free shops in Brazil,building /operating a ferry terminal facility in Tangiers and opening in another five locations. Withover 140 operations in 32 countries across five formats, the group looks to growth from acquisitions as well as from the bidding process for both airport and non-airport locations. All of this is targeted towards Flemingo’s vision to achieve 2B.BY 2020 (to reach US 2 billion by the year 2020) and Samena’s investment is key to this strategy.