Deals Digest: Gulf Capital, NBK exit Classic Fashion; Australian Food & Fibre buys Auscott

Amman, Jordan. Photo by Hisham Zayadnh on Unsplash.

Alternative asset managers Gulf Capital and NBK Capital Partners have exited Jordan’s Classic Fashion Apparel Industries while Australian Food & Fibre has acquired cotton producer Auscott.

Gulf Capital, NBK Capital Partners exit Classic Fashion

UAE-based alternative investment firms Gulf Capital and NBK Capital Partners announced that they have fully exited from Classic Fashion Apparel Industries (Classic Fashion), a Jordanian apparel manufacturer.

Both alternative asset managers invested in Classic Fashion in 2018 and helped the company grow its revenues from $450 million in 2017 to $600 million in 2020.

Classic Fashion, founded in 2003, accounts for a 30% share of Jordan’s apparel exports. It is the largest private-sector employer in the country, with more than 27,000 employees.

The exit marks Gulf Capital’s third realisation in 2021 and the ninth for private credit funds advised by NBK Capital Partners.

Australian Food & Fibre acquires Auscott

Australian Food & Fibre (AFF), a joint venture between the Robinson family and PSP, one of Canada’s largest pension investment managers, has acquired cotton producer Auscott for an undisclosed amount.

The 100% acquisition includes Auscott’s properties, ginning, warehousing, and marketing operations. AFF acquired the pioneering Australian cotton producer from US-based J.G. Boswell Company. 

The merger of the two companies’ post-farmgate businesses will allow the combined entity to continue offering services and support to external customers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.