Samena Capital, a private investment group focused on Asia, Middle East and North Africa, has acquired a stake in Dubai-based duty free and travel retail chain operator Flemingo International, which has operations in India, the company said on Wednesday.

The proceeds from the fundraise will be used by Flemingo for its expansion plans which include acquisitions and organic growth through concessions.

The investment firm did not disclose details on the deal amount and the quantum of stake acquired.

This is the third private equity investment completed this year by Samena Capital.

Earlier this year, Samena Capital announced an investment in Mahindra Two Wheelers, a subsidiary of India’s $16 billion Mahindra Group, as well as acquisition of a 31 per cent stake in RAK Ceramics of the UAE, which again has operations in India.

Atul Ahuja, chief operating officer, Flemingo International, said, “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, Samena Capital Investments Ltd, said, “We are very excited to support Flemingo in its next phase of growth and to unlock new growth opportunities in the SAMENA region.”

Headquartered in Dubai, Flemingo has presence in 32 countries with over 140 operations in Asia, Africa, Europe and Latin America. Flemingo operates across different formats like duty free shops in airports, borders, downtown, seaports, UN commissary shops, diplomatic duty free, in-flight supply as well as convenience stores, food & beverage and luxury retail outlets at airports.

Established in 2008 as a principal investment group, Samena Capital today manages total capital commitments in excess of $700 million across two primary investment strategies: private equity and Asian credit.

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