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Gulf Capital and NBK Capital Partners successfully exit their investment in Classic Fashion Apparel Industries

Gulf Capital and NBK Capital Partners successfully exit their investment in Classic Fashion Apparel Industries
May 18, 2021

Investment jointly provided by two UAE-based alternative asset managers enabled the Jordanian apparel manufacturer to execute on its growth plan.

Gulf Capital and NBK Capital Partners successfully exit their investment in Classic Fashion Apparel Industries

Funds advised by Gulf Capital and NBK Capital Partners, respectively, have announced today a full and successful exit of their growth capital facility in Jordan’s Classic Fashion Apparel Industries (“Classic Fashion”).

The exit was financed with support from a leading global bank, which provided new facilities to the company for debt refinancing and further expansion.

At the time of the investment in April 2018, Gulf Capital and NBK Capital Partners partnered with Sanal Kumar, the founder of Classic Fashion, to provide the company capital for production expansion and to support a refinancing plan. During this period, the company grew its revenues from US$ 450 million in 2017 to more than US$ 600 million in 2020.

Founded in 2003, Classic Fashion has achieved impressive growth and is now a recognised international industry player with longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes, and GAP. The company accounts for a 30% share of Jordan’s apparel exports, thus continuing to contribute significantly to the country’s economy. Classic Fashion today employs more than 27,000 staff and is the largest private sector employer in Jordan.

Yaser Moustafa, Chief Executive Officer at NBK Capital Partners, said: “Classic Fashion is one of our many success stories, in which we have supported a business with flexible capital to achieve its growth ambitions. In this investment, we saw the opportunity to partner with an exceptional management team in a fast-growing sector, and we are proud of the role NBK Capital Partners played in unlocking the exceptional growth that the company has since delivered.”

Dr. Karim El Solh, Chief Executive Officer at Gulf Capital, commented: “Our investment in Classic Fashion demonstrates our ability to provide flexible growth capital to support the ambitious growth of market leaders across the Middle East. It was structured in a real win-win spirit, in that Classic accelerated its growth with our funding, while our investors realised a strong return and a quick distribution. This exit is Gulf Capital’s third exit in 2021 and helps cement our track record of strong distributions to our growth capital investors.”

Sanal Kumar, Chairman and Managing Director of Classic, stated: “Our partnership with Gulf Capital and NBK Capital Partners gave us access to growth capital at a critical juncture, which enabled us to grow our capacity, meet the demands of our international clients and increase our contribution to the Jordanian economy. We are thankful for the support of both Gulf Capital and NBK Capital Partners’s management teams along our journey of success.”

Sikander Ahmed, Managing Director and Head of Private Credit at NBK Capital Partners, added: “We are immensely proud to have played a key role in the Classic Fashion story. Effectively deploying capital into companies poised for growth is what we do best, creating outstanding opportunities for business owners and returns for investors in the process.”

Sharaf Sharaf, Managing Director at Gulf Capital, said: “Gulf Capital is delighted to have partnered with and supported Classic and Sanal, a dynamic entrepreneur who has taken the company from strength to strength. Looking forward, we continue to see significant demand for our flexible growth capital from dynamic companies across the Middle East and Africa.”

This exit represents Gulf Capital’s third realisation in 2021 and demonstrates the firm’s ability to provide flexible growth capital to support the ambitious growth of market leaders across the Middle East and Africa. Gulf Capital has a long and proven track record of investing in Growth Markets, having closed 36 investments since inception. The Firm currently manages over $2.5 billion in assets across seven funds and investment vehicles.

This exit represents the ninth successful realisation for private credit funds advised by NBK Capital Partners. Headquartered at Dubai International Financial Centre, NBK Capital Partners has advised on investments of more than US$1.2 billion and has a track record of 18 profitable realizations from 36 investments, the highest number of profitable exits by an alternative investments firm in the region over the past decade.

Download press release in Arabic.

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright آ© 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Limited (DIFC). and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcap-es.com, @gulfcp.com, @gullfinvest.com, @eaglesquare-ae.com, @gulfcainvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.

تناهى إلى علم شركة جلف كابيتال أن ثمة مراسلات متنوعة تعمم عن طريق البريد الإلكتروني، ومن مواقع على شبكة الإنترنت، وعن طريق البريد العادي أو الفاكس، تدعي زيفا أنها صادرة عن شركة جلف كابيتال أو بالاشتراك معها و/أو مع موظفيها. ويراد من عمليات الاحتيال هذه، في الكثير من الحالات، الحصول على المال و/أو معلومات شخصية من الأشخاص الذين يتلقون تلك المراسلات.

وتود شركة جلف كابيتال أن تحذر عامة الجمهور من هذه الأنشطة الاحتيالية التي يزعم الاضطلاع بها باسم الشركة و/أو باسم موظفيها؛ وستقدر لفت انتباهها إلى أي مراسلات مشبوهة.

يرجى الانتباه إلى ما يلي:

  • · لا تمنح شركة جلف كابيتال أي قروض شخصية أو تمويل شخصي.
  • لا تمارس شركة جلف كابيتال أي أعمال مع اسواق العملات العالمية و السلع و المعادن