Hazmieh F&B cluster
sells majority to VC firm
Obegi-backed EIP plunges
$4.5 million into the project
Emerging Investment Partners (EIP) has concluded its first investment through the acquisition of a majority stake in The Backyard Hazmieh. The project consists of 15 restaurants, five pubs, and other amenities in a landscaped architecture. It is owned by Venture Group, co-founded by Rabih Saba and Marwan Ayoub. Investment in the project is $9 million, EIP is securing half the amount, said Karim Burhani, Managing Director of EIP.
According to Burhani, investing in F&B clusters is a strategic move the company is adopting, as hospitality is one of the most dynamic local industries. “We will try to replicate the same investment model of The Backyard in Egypt soon,” he said. He said that they are now working with one of Egypt’s main hospitality players and that the deal is in the fine tuning phase.
EIP is an investment management firm established in 2014 by the Obegi Group and Generation Alfa, together with Wassim Heneine and Burhani. EIP’s objective is to invest in high growth, medium enterprises with regional expansion prospects in diverse sectors in the Levant, North Africa, and selected African countries.
Date Posted: Sep 16, 2015