Abraaj Buys Into Southeast Asia’s Wine Scene

Middle East private equity firm Abraaj has bought into Southeast Asian food and drink chain Wine Connection, as it looks to capitalise on the growing interest in wine and western food among the region’s middle class.

Abraaj, which manages assets worth around $7.5 billion, said in a statement on Thursday that it had bought a majority stake in the company that runs 55 restaurants and wine shops in Singapore and Thailand without disclosing the sum.

The deal is Abraaj’s fourth investment into Southeast Asia’s food and beverage industry.

“Rapid population growth, urbanization and the rise of the middle class across the region are the primary drivers for the sector’s growth and Wine Connection is well positioned with its focused offering to leverage the opportunities that come with these fundamental market dynamics,” the firm said in a statement.