UAE food group Agthia has completed its acquisition of 100% share capital of Kuwaiti bakery and sweets company Al Faysal.
The Abu Dhabi-based company did not disclose the value of the deal.
The acquisition quadruples the size of Agthia's business in Kuwait, the company said in a statement on Wednesday (Jan 27).
Al Faysal Bakery and Sweets has been in the market since 1991 with a diverse portfolio of products available at all retail food outlets in Kuwait. The company produces fatayers, croissants, mini pizzas and new product categories such as cupcakes, puff and rusks. In the last twelve-month period ended September 30, the company generated revenues of 90 million dirhams ($24.51 million), EBITDA of 21 million dirhams, and net income of 12 million dirhams, according to Agthia.
Agthia has been on a bit of a buying spree as it seeks growth via regional expansion. Last week it said it is seeking to buy an indirect stake of 80% in Jordan’s Nabil Foods that will give it entry into the halal processed protein sector.
© SalaamGateway.com 2021 All Rights Reserved