Edita, described as a leader in the Egyptian snack food market, has agreed to acquire a 49% staked in Tuama Jabur Abbas, a fellow snack food firm based in Iraq, for a total of $8 million USD.
The partnership will establish Edita Iraq and also see Edita acquire two production lines for cakes, as well as one for biscuits.
Edita said it aimed to leverage its established brand equity through exports, including the Molto and Tiger Tail brands, which generated approximately $10.2 million in 2023
Commenting on the deal, Edita group chairman and CEO Hani Berzi, said: “Today marks a pivotal moment in Edita’s regional expansion strategy, leveraging our proven recipe for entering underserved markets and creating new segments through our brands, technical know-how, and innovation. Iraq’s growing economy and untapped snack food market present a unique opportunity for us to establish a national champion. We’re excited to partner with TJA, whose local expertise will help us bring Edita’s innovation to Iraqi consumers”.
TJA managing director Qusay Tuama Jebur, added: “This partnership with Edita marks a significant milestone in our journey, combining our expertise with Edita’s capabilities to enhance production and deliver products that meet the highest quality standards. Together, we are opening new doors of opportunity in local and regional markets, paving the way for sustainable success”.
Source: Edita