Abu Dhabi-based food and beverage company Agthia Group has completed its acquisition of a majority stake in Egyptian processed foods company Ismailia Investments, or Atyab.
Ismailia Investments, which focuses on frozen processed chicken and beef products, has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000sqm manufacturing facility.
Agthia has acquired a majority stake of 75.02 percent in Ismailia Investments. The acquisition will enable the company to quickly benefit from new revenue streams, cost and revenue synergy opportunities, wider regional and channel expertise, expanded product offerings, and enhanced financial performance and profitability, a release said on Wednesday.
“We welcome the Ismailia Investments team into our Agthia family and are committed to further developing the business and brand, while expanding our product offering and distribution capabilities that will enhance our existing operations in a key growth market for us,” Agthia Group CEO Alan Smith said.
“At Agthia, we are continuing to actively pursue new, scalable opportunities as part of our strategy to establish the company as a food and beverage leader in the MENA region and beyond by 2025.”
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Alan Smith, CEO of Agthia Group.
Last year, Ismailia Investments’ revenues reached AED424 million ($112m). The group, which has 11 distribution centres spread across Egypt, has a portfolio of four brands – Atyab, Meatland, Shiketita and Furat – catering to the value, economy and premium segments of the Egyptian market.
“The conclusion of this transaction is a key milestone in Ismailia Investments’ growth story. The potential of being part of Agthia’s portfolio is very significant and I look forward to working with the group to take Ismailia Investments to its next phase of success,” said Ismailia Investments’ CEO and chairman Attito Raslan, who will retain a stake in the company.
Agthia, part of ADQ, has assets in the UAE, Saudi Arabia, Kuwait, Oman, Egypt, Turkey and Jordan. Earlier this month, the food and beverage company fully acquired BMB Group, a Dubai-headquartered healthy snacks and food outfit. While in February, the company announced that its board of directors had approved the acquisition of a majority stake in Nabil Foods, a producer of frozen and chilled processed protein products.
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