Gulf PE firms fight for Saudi supermarket chain Al Raya

Dubai

THREE of the Gulf's biggest private equity (PE) firms are battling it out for a majority stake in Saudi supermarket chain Al Raya For Foodstuff Co, three sources with knowledge of the matter said on Tuesday, with a deal likely worth as much as US$300 million.

Abraaj Group, Fajr Capital and Gulf Capital are in the running to acquire the stake in the grocer being sold by Dubai-based Levant Capital and The Rohatyn Group (TRG). These three lodged initial bids in late July and are now due to file more comprehensive proposals before the deadline for second-round bids in the next two weeks, the sources added.