Agthia Group PJSC, a food and beverages company, has announced that it has successfully completed its transaction to acquire 100% share capital of Al Faysal Bakery and Sweets, one of Kuwait’s 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, says: “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, says: “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.
