The acquisition strengthens Agthia Group’s regional footprint and diversifies its product portfolio and consumer base
Abu Dhabi, UAE: Agthia Group PJSC, a leading food and beverages company, today announced that it has successfully completed its transaction to acquire 100% share capital of Al Faysal Bakery and Sweets, one of Kuwait’s leading industrial bakeries.
The completion of the deal strengthens the Agthia Group’s regional footprint and expands its portfolio within consumer products and assist in providing long-term-value creation for its shareholders. The acquisition also quadruples the size of the Group’s business in Kuwait, which includes the joint venture Al Rammah National for General Trading and Contracting Company WLL that produces Al Ain Water.
Khalifa Sultan Al Suwaidi, Chairman, Agthia Group and Chief Investment Officer, ADQ, said: “Agthia Group is committed to significantly increasing its regional presence through a diversified portfolio that will drive compelling value to shareholders. Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the Group to accelerate on its roadmap and strengthen its leading role in the FMCG sector.”
Alan Smith, Chief Executive Officer of Agthia Group, said: “Al Faysal Bakery and Sweets’ brand heritage, along with its diverse products and in-house distribution capabilities will allow us to capture an even greater opportunity in the Kuwaiti market. We are positive about the future prospects of Agthia Group in the consumer business market of the MENA region and the opportunities that we can capitalise on.”
Al Faysal Bakery and Sweets is a household name in Kuwait, which has been in the market since 1991 with a diverse portfolio of premium products available at all retail food outlets in the country. The company produces fatayers, croissants, mini pizzas and new product categories such as cupcakes, puff and rusks. In the last twelve month period ended 30 September 2020, Al Faysal Bakery and Sweets generated revenues of AED 90 million, and EBITDA of AED 21 million, and net income of AED 12 million.
Agthia Group is a leading Abu Dhabi based food and beverage company. Established in 2004, the Company is listed on the Abu Dhabi Securities Exchange (ADX) and has the symbol “AGTHIA”. Agthia Group PJSC is part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
The Company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt and Turkey. Agthia offers a world class portfolio of integrated businesses providing high quality and trusted food and beverage products for customers and consumers across the UAE, GCC, Turkey and the wider Middle East. More than 4,000 employees are engaged in manufacturing, distribution and marketing various food and beverage products: Water (Al Ain, Al Bayan, Alpin Natural Spring Water, Bambini); Food (Al Foah); Flour (Grand Mills); Animal Feed (Agrivita); Juice (Al Ain Fresh); Dairy (Yoplait); Processed Food (Al Ain Tomato Paste, Frozen Vegetable); Ambient and Frozen Bakery (Grand Mills, Al Faysal Bakery and Sweets).