Jeddah, Saudi Arabia: SEDCO Holding, one of the largest family-owned investment groups in the Kingdom of Saudi Arabia, today announced the completion of the sale of Arabian Entertainment Company Limited (“AEC”) to GLD Partners LP, a Los Angeles, USA based privately held, alternative investment management firm. AEC operates 17 casual dining restaurants throughout Saudi Arabia and is the local franchisee for Applebee’s Neighborhood Grill + Bar®, one of the world’s largest casual dining brands.
The sale of AEC represents an exit by SEDCO Holding from the F&B foodservice sector as a part of its strategy to focus on core businesses.
For GLD Partners the transaction represents an entry point into the fast growing and dynamic foodservice sector in Saudi Arabia and forms a part of its overall expansion plans and investments into the region, and in particular, Saudi Arabia.
Omar Mirza, Managing Director of GLD Partners for MENA region, thanked SEDCO Holding and Dine Brands for the smooth transfer of Applebee’s Saudi Arabia franchise to GLD Partners. He stated that “these are exciting times, and we are thrilled to have added a leading global brand like Applebee’s to our growing MENA region investments portfolio.”
Dine Brands Global, the parent company of Applebee’s, is helping to ensure the smooth transition of the franchise under AEC from SEDCO Holding to new owners, GLD Partners.
“We are in full support of this ownership transfer and believe GLD Partners will continue Applebee’s rich traditions, furthering the brand’s success in Saudi Arabia.” said Gary Moore, Regional Vice President of Franchise Operations, Dine Brands Global, Inc.