Egypt: Nestle signs agreement to buy Caravan Marketing
Food and drinks multinational Nestle has announced that it has signed an agreement to acquire Caravan Marketing, a leading Egyptian instant coffee firm.
Established in 2003 as a marketing and distribution company, Caravan Marketing serves the Egyptian market with a range of soluble coffee products using its own factory, and is the owner of the Bonjorno brand.
Nestle said the acquisition reflected its ambition to invest in Egypt and foster the development of the rapidly growing instant coffee segment in the country.
Commenting on the deal, Nestle Egypt chairman and CEO Yasser Abdulmalak said: "We are pleased to conclude the signature of this agreement. Our investments and expansion plans in Egypt reflect the importance of this market to us. In the last 5 years Nestlé has made investments close to 1 Billion EGP in manufacturing and distribution facilities as well as skill development. We will continue to invest in the Egyptian market and this acquisition comes as a reaffirmation of that".