Mezzan Holding announces the acquisition of a 67% stake in Kuwait Saudi Pharmaceutical Industries Company
Mezzan Holding, one of the largest manufacturers and distributors of food, beverage and healthcare products in the Gulf, on Tuesday announced the acquisition of a 67 percent stake in Kuwait Saudi Pharmaceutical Industries Company (KSPICo).
The acquisition of Kuwait’s only manufacturer of pharmaceutical products will grant Mezzan majority board seats and will enable it to bolster its capabilities and offerings in the healthcare space.
The deal was worth KD21 million ($69 million), Mezzan Holding said in a statement
Mezzan Holding executive vice chairman, Mohammed Jassim Al Wazzan, said: “KSPICo is one of Kuwait’s untold success stories. The company has a great track-record and a unique market position that complements Mezzan’s business.
"Upon completion, this acquisition will mark a turning point in our healthcare businesses, transforming it overnight from a distribution-based business into a manufacturing and distribution business with a wide array of product lines, customers, and regulator certifications.
"The company has a seasoned-management that we look forward to not only working with to grow current business, but also to expand it into new value added production lines, contract manufacturing with renowned international producers and investment in research & development”.
Mezzan CEO, Garrett Walsh, added: "Mezzan will focus its efforts on further growing KSPICo’s market share locally and regionally, growing utilisation of manufacturing and improve product mix to help drive growth and profitability."For all the latest health tips & news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.