A Standard Chartered Private Equity (SCPE) lead consortium has invested $175 million in a significant minority stake of Fine, an integrated tissue products manufacturer across the Middle East and North Africa region.

The proceeds will be used to fund the expansion of the company’s production capacity in core markets as well as opportunities in new markets. The company is currently a maker of tissue-based goods including diapers, feminine hygiene items and adult incontinence products.

Fine is majority owned by Nuqul Group of Jordan, where it is headquartered, and has manufacturing bases throughout the GCC, Levant and North Africa.

As part of the deal, SCPE will be granted two seats at the board of the company and will provide strategic insight towards delivering on Fine’s growth strategy in core markets, expanding in new markets in Africa and an eventual IPO.

This is SCPE’s sixth investment in the Middle East and North Africa (MENA), its second investment in a Jordan-based company and takes overall Mena direct investments to $560 million.

“Fine’s active ownership, high quality management team, iconic brand, transparency and independent governance make it one of the leading consumer brand companies in the Mena region. We look forward to working with our partners and helping the company and Group achieve its long-term strategic objectives,” says Taimoor Labib, Regional Head of Mena Private Equity & Head of Global Private Equity Portfolio Management at SCPE