Agthia Group, the leading Middle East food and beverage 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 sources, the acquisition would represent Agthia’s entry into processed protein, as Nabil Foods specialises in manufacturing a wide range of frozen and chilled 100% halal products, from chicken shawarma sandwiches to kubbeh balls.
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 per cent in Nabil Foods, including a 60 percent stake from ADQ in exchange for a convertible instrument and a 20 per cent stake from Ideal Holding Limited. The price of the 60% stake in Nabil Foods has been valued at AED 394 million ($107.3 million).
Source: Khaleej Times