The sources added that the BFL Group is working with the Dubai-based de novo business advisory firm run by May Nasrallah, a former Morgan Stanley banker.
Two Lebanese entrepreneurs, Tawfiq Kreidieh and Yasser Beydoun, founded Brands for Less and opened their first store in Beirut in 1996. Four years later, they expanded their business to the United Arab Emirates and moved their headquarters to Dubai.
The group has several lines, including Brands for Less, which includes a group of stores selling fashion, in addition to games Toys for Less, Homes for Less, and another for luxury goods, which is Luxury for Less. The group sells branded products at discount prices.
The planned deal should attract the attention of retail investors and sovereign wealth funds, the sources said, as the company is expected to do as well or better than expected in a recessionary environment where people want to save.
The group also has an online retail platform and operates 85 stores in six countries, according to information posted on its website.
The Gulf region has attracted a number of foreign funds to establish a presence over the past two years, buoyed by lower taxes and opportunities to co-invest with sovereign wealth funds in larger deals in the region.
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