CDIB Capital International Corporation, the international private equity investment arm of China Development Financial, has closed an investment in Dubai-based Flemingo International. Founded in 1997, Flemingo is a global travel retail operator with a focus on emerging markets.
CDIB Capital International Corporation (“CDIB Capital”), the international Private Equity investment arm of China Development Financial, has successfully closed an investment in Dubai-based Flemingo International (BVI) Ltd. (“Flemingo” or the “Company”).
Founded in 1997, Flemingo (www.flemingo-intl.com) is a leading global travel retail operator with a focus on emerging markets. In addition to being the largest player and a pioneer in the duty-free industry in India, the Company has a presence across over 120 outlets in 26 countries in Asia, Africa and Europe. The Company operates across a wide range of duty-free formats including airports, seaports, borders, downtown, in-flight, diplomatic commissaries, luxury retail, travel essentials and F&B outlets, and benefits from strong partnerships with leading global suppliers.
“We are absolutely delighted to have CDIB Capital as part of the Flemingo team,” said Atul Ahuja, Global CEO of Flemingo. “With their extensive experience and capabilities in Asia, they will be an invaluable partner as we continue to expand our reach in duty-free markets in the region.”
Lionel de Saint-Exupery, President and CEO of CDIB Capital, added “Flemingo has successfully established itself as the leading franchise in the emerging markets duty-free industry through impressive organic growth as well as well-targeted acquisitions. We are truly excited to work closely with Atul Ahuja and his talented team as they continue to deliver profitable growth.”
About CDIB Capital
CDIB Capital is a leading Asian private equity investor focused on middle market growth capital transactions, with a sectoral bias for consumer/retail, media/technology, value added manufacturing and financial/business services. It is an affiliate of China Development Financial, one of the oldest and largest merchant banking groups in Greater China with over US$17bn in assets.
CDIB Capital is headquartered in Hong Kong, with principal offices in Shanghai, Taipei, Seoul and San Francisco. For more information on CDIB Capital, please visit our website at www.cdibcapital.com or send an email to email@example.com.