Dubai`s Gourmet Catering & Hospitality Services (GC&HS) LLC, the food and beverage division of private equity management company, Ithmar Capital LLC…
Dubai`s Gourmet Catering & Hospitality Services (GC&HS) LLC, the food and beverage division of private equity management company, Ithmar Capital LLC, has launched into the emirate the country`s first Lenotre Paris outlet – the leading name in French gastronomy and part of the giant Accor Group.
The UAE`s first Lenotre Paris on Jumeirah Beach Road is the brand`s 50th outlet across 12 countries worldwide – including Saudi Arabia, Kuwait and Qatar – and marks the start of a GC&HS expansion which will see four Lenotre Paris outlets throughout the Emirates within two years.
GC&HS was set up in July last year to identify and develop feasible UAE food and beverage projects whether franchises, self-developed concepts or specialised food caterers. It is Ithmar Capital`s first foray into the food and beverage sector and the latest edition to its Fund 1 business portfolio.
Faisal Bin Juma Belhoul, founder and Managing Partner, Ithmar Capital, said: With a rapidly expanding hospitality sector in the UAE, it makes good business sense to invest in a company that takes advantage of current trends and adds a new dimension to the industry.
Gaining the Lenotre franchise is an important aspect of the company`s development and we intend to leverage its world-class reputation in the UAE.
Ithmar Capital invests primarily in GCC companies, or in companies for which the GCC represents a significant market for development. The company`s first fund was launched in October last year with an initial capital of US$ 70 million and currently comprises seven successful portfolio companies across the healthcare, education, engineering services and food and beverage franchising sectors.
Ithmar Capital`s second fund is due for launch later this year. Ithmar expects to generate superior risk-adjusted returns by investing and managing a diverse portfolio of private businesses through rigorous and disciplined investment, a hands-on approach to growing the value of portfolio companies, and a continuous and proactive strategy of identifying the most attractive exit option.
Lenotre Paris, Jumeirah features a retail boutique, a 40-seater Cafe Lenotre and an 80-seater upscale a la carte restaurant.
Photo: Faisal Bin Juma Belhoul, founder and Managing Partner, Ithmar Capital
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