Savola Group, a Saudi food conglomerate, has signed an agreement to acquire Bayara, a UAE-based manufacturer of nuts, spices, grains, pulses, dates and other dried fruits, for $260 million.
Founded in 1993, Bayara is said to process 23,000 tonnes of goods a year, operating in the UAE and Saudi Arabia with a workforce of 900.
Savola sells staples, such as olive oil and sugar, with sales in fifty countries. According to sources, the company plans to expand its portfolio into higher-value products. The food conglomerate includes companies such Almarai and Al Kabeer, two of the largest dairy and frozen food companies respectively in the region.
“This acquisition is a continued activation of Savola Foods Company’s announced strategy to enter attractive, value-added categories with increasing appeal within the food sector”, Savola said in a statement.
Source: Just Food / The National News