Loading tweets...
Windoria, a food company created through the merger of La Doria and Winland Foods and indirectly owned by Investindustrial-affiliated funds, has entered into an agreement to acquire Saudi Arabia sauce maker Al-Fursan.
Al-Fursan, along with its subsidiaries Al-Faris Al-Arabi Trading Ltd. Co. and Al-Faris Food Industries Ltd. Co., manufactures and distributes sauces, condiments and other shelf-stable food products such as ketchup and vinegar. The company owns brands such as Baidar, employs around 300 people, and operates a modern production facility in Riyadh supported by a distribution network of six sales offices and seven warehouses across Saudi Arabia.
Commenting on the move, Investindustrial chairman of the industrial advisory board of Andrea C Bonomi said: “We are proud to announce the first acquisition in Saudi Arabia, in a sector where we have deep expertise and which has significant opportunity for growth. We expect private label penetration to increase materially across the Middle East and Asia in the coming years, creating an exceptional opportunity to accelerate category development and capture untapped potential for Windoria, the global leader in the space”.
“The acquisition of Al-Fursan reflects Investindustrial’s commitment to transforming local champions into global leaders”, he added. “Investindustrial remains focused on continuous improvement and driving innovation, to build the firm of the future”.
The transaction is expected to close by the end of October, subject to regulatory approval.
Source: Windoria (via BusinessWire)
