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Eversheds Sutherland advises Classic Fashion Apparel Industry on its receipt of growth capital

  • Middle East

    17-04-2018

    Eversheds Sutherland has advised Classic Fashion Apparel Industry Ltd. Co. (CFAI) in connection with the strategic investment made into CFAI by NBK Capital Partners and Gulf Capital. This investment will enable CFAI to enter the next stage of its development, accelerating the expansion of production facilities and increasing annual exports beyond 60 million garments.

    CFAI is one of the biggest private sector employers in Jordan with over 24,000 employees. Founded in 2003, CFAI has achieved significant growth and is now a recognised global industry player, with an annual turnover of over US$450 million. The company has longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP. Producing over 60 million apparel pieces annually and accounting for a 27% share of Jordan’s apparel exports, the company is making a considerable contribution to Jordan’s economy.

    Ithmar Invest acted as financial advisor and arranger to CFAI.

    The Eversheds Sutherland team was led by partners Ben Moylan (UK/Qatar), Lana Habash (Jordan) and Clint Dempsey (UAE), with support from principal associate Samer Hamzeh (UAE), senior associates Elaine Woollard (Qatar) and Jawaher Bin Talal (Jordan), and associate Gareth Lond (UAE).

    Lana Habash said: “We are delighted to have worked with Ithmar Invest, advising CFAI on this critical investment for the company to achieve its ambitious expansion plans. It was also a great opportunity to demonstrate our ability to work as one team and provide support across the various jurisdictions involved. The transaction benefited from the new ADGM jurisdiction in Abu Dhabi that provides a flexible system applying common law principles, making it an attractive option for investors.”

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