DUBAI, UAE – Affirma Capital, a Singapore-based buyout firm, is considering selling its stake in Fine Hygienic Holding, one of the Middle East’s biggest manufacturers of tissue and paper products, Reuters reported Wednesday.
Affirma is in talks with Moelis & Co. on the sale of its minority stake in the company, sources told the agency.
Fine is a global company founded in 1952 by Elia Nuqul that serves consumers in more than 80 countries. From facial tissues to kitchen towels to adult briefs and baby diapers, the company produces a wide range of products.
The Middle East is becoming increasingly attractive to private equity players thanks to strong post-pandemic economic growth and high oil prices.
Affirma is the former private equity business of Standard Chartered.
Fine had been bought by Standard Chartered’s private equity arm for $175 million in 2015.
According to media reports in 2020, Fine Hygienic Holding planned an initial public offering on the London Stock Exchange.
