Agthia, the leading Middle East food and drinks firm, has announced that it has acquired a majority stake in Nabil Foods, a regional manufacturer of frozen and chilled protein products that are distributed to more than 20 local and international markets.
According to a report in the Khaleej Times, Nabil Foods specialises in manufacturing a range of frozen and chilled meat products, from chicken shawarma sandwiches to kubbeh balls. The acquisition represents Agthia’s debut in processed protein.
Alan Smith, CEO of Agthia Group, said: “The acquisition of Nabil Foods, once completed, would represent another step towards meeting our ambitions; it would be an accretive acquisition for both the business and our shareholders, an expansion into a growing sector with high-quality product offerings and a mutual commitment to innovation aligned with evolving consumer trends”.
The transaction is subject to regulatory approvals. After being concluded, Agthia will own an indirect stake of 80% in Nabil Foods, including a 60% stake from a local bank in exchange for a convertible instrument. The price of the 60% stake in Nabil Foods has been valued at AED 394 million ($107.3 million).
Source: Khaleej Times