Dubai-based global duty free and travel retail Flemingo international has secured investment from Samena Capital whose focus is on the Indian sub-continent, Asia, Middle East and North Africa (collectively known as the Samena region).

 

The deal gives Samena Capital representation on the board of Flemingo International, but the amount of the funds injection was not disclosed.

 

The investment group – which, in 2013, was capitalised with equity of $70m with 48 shareholders – will provide strategic guidance and access to its network of entrepreneurs, business families and policymakers to support growth opportunities in Flemingo’s core markets.

 

Since Samena Capital’s inception in February 2008, assets under management have grown to $746m across six open and closed-ended fund structures.

 

Atul Ahuja (left), CEO of Flemingo International, says: “This investment marks an important milestone in the development of Flemingo. Samena Capital brings a value-added network in our core markets as well as business and financial skills. We believe this will add immense value by driving further growth and sharpening our company’s long-term strategy.”

 

Ramesh Venkataraman (right), Senior Partner and Head of Private Equity at Samena Capital Investments adds: “Flemingo International is a leader in emerging markets duty free and has delivered an impressive geographical expansion over the past decade. We are very excited to support Flemingo in its next phase of growth.”

 

Other investors have invested in Flemingo over the years, the most recent being Taiwan’s CDIB Capital International Corporation.

 

Flemingo has continued its expansion in the last year by acquiring Chacalli De Decker, openings its first duty free shops in Brazil, building /operating a ferry terminal facility in Tangiers and opening in another five locations.

 

With over 140 operations in 32 countries across five formats, the group hopes to grow through acquisitions as well as from new concessions at for both airport and non-airport locations. All of this is targeted towards Flemingo’s vision to achieve 2B.BY 2020 ($2bn in sales by 2020).