Capital EE-managed fund
buys 20 percent of Dairiday

Deal involves $2 million capital increase

PoleStar, an equity fund managed by Capital EE, has acquired a 20 percent stake in Levant Beverage and Dairy Industries (Dairiday) for $2 million.

The acquisition of the stake was through a capital increase and the funds injected in the company will be used to open a new factory in Iraq that is scheduled to launch operations by mid-May, said Khaled Zeidan Chairman of Capital EE which offers a range of financial advisory and capital raising services. The Dairiday factory in Kfarshima will also be relocated to larger premises in the suburbs of Saida which will enable it to expand production, he said.

Before the acquisition, Dairiday was fully-owned by Imad Mansour and his family. The company has a farm in the Bekaa and manufactures a broad range of dairy products under the Dairiday and Dairy Farms brands. It was founded in 1997.