Venture Capital Bank closed its purchase of a majority stake in the Bahrain-based franchises of Caribou Coffee Co. Inc. and Fuddruckers Restaurant.
Venture Capital Bank and the founding partner intend to invest an additional US$5 million in both franchises in the coming years.
Proceeds will be used to renovate older Fuddruckers locations and to open new Fuddruckers outlets in Saar and Muharraq. The bank also aims to open several Caribou kiosks in office complexes and several drive-thru service stores.
The transaction represents the fourth investment for the Bahrain-based Shari'ah-compliant private equity firm in the food and beverage and agribusiness sectors in the Middle East and North Africa region and Turkey.