Agthia Group, a Abu Dhabi-based food and beverages major, on Thursday announced that it has successfully completed its transaction to acquire Al Faysal Bakery and Sweets, one of Kuwait’s leading industrial bakeries.
Agthia said the completion of the deal strengthens its regional footprint and expands its portfolio while also quadrupling the size of its business in Kuwait.
Khalifa Sultan Al Suwaidi, chairman, Agthia Group and chief investment officer, ADQ, said: “Agthia Group is committed to significantly increasing its regional presence through a diversified portfolio that will drive compelling value to shareholders.
“Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the Group to accelerate on its roadmap and strengthen its leading role in the FMCG sector.”
Al Faysal Bakery and Sweets, which generated revenues of AED90 million and net income of AED12 million for the 12 months ending September 2020, has been serving the Kuwait market since 1991.
With over 500 employees, Al Faysal Bakery and Sweets produces fatayers, croissants, mini pizzas and new product categories such as cupcakes, puff and rusks.
Alan Smith (pictured above), CEO of Agthia Group, added: “Al Faysal Bakery and Sweets’ brand heritage, along with its diverse products and in-house distribution capabilities will allow us to capture an even greater opportunity in the Kuwaiti market. We are positive about the future prospects of Agthia Group in the consumer business market of the MENA region and the opportunities that we can capitalise on.”
Agthia Group also recently announced the successful completion of its merger with Al Foah, the world’s largest date processing and packaging company.
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