Savola Group, a Saudi food conglomerate, has signed an agreement to acquire Bayara for $260 million.
Founded in 1993, Bayara is a snack maker, producing nuts, spices, grains, pulses, dried fruits, and dates, processing 23,000 tonnes of goods a year. The company operates in the UAE and Saudi Arabia with a workforce of 900 employees.
Savola manufactures staples, such as olive oil, sugar, and paste among others, with sales in fifty countries. According to sources, the company plans to expand its portfolio into higher-value products. The food conglomerate holds companies such Almarai, and Al Kabeer Group 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”, said Savola in a statement.
Source: Just Food / The National News.