The Abu Dhabi-listed Agthia Group bought out UAE mineral water desalination company Riviere by acquiring a 100 per cent stake in the company.
The acquisition will help Agthia to triple its household customer base and expand its network in the water and food segment.
It will also help the Abu Dhabi company to achieve a revenue growth of 6.5 per cent.
Agthia, which will retain the existing brand, said the move will also allow the company to enter the mainstream segment by employing Riviere’s customer base in supplying water to offices and homes across the UAE.
Financial details of the transaction, which is subject to regulatory approvals, have not been disclosed.
Established in 2003, Riviere serves customers across Abu Dhabi, Al Ain, Dubai, and Sharjah, primarily in the mainstream segment.
It operates three bottling facilities in Abu Dhabi and Dubai.
The acquisition comes a week following the company’s announcement that Salmeen Al Ameri will take over as Managing Director and CEO effective June, replacing Alan Smith, who will stay on as adviser.
The company said the leadership transition was part of its next phase of growth and transformation.
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