Jadwa Investment and Gulf Union Foods Company (GUFC) have announced the acquisition of a substantial equity stake in GUFC through the Jadwa Food and Beverage Opportunity Fund.
Ahmed Al Khateeb, managing director and chief executive officer, Jadwa, said: “The acquisition builds upon our direct investment portfolio and is consistent with Jadwa Investment’s strategic objective of acquiring substantial equity stakes in promising companies.”
Khateeb said that the acquisition will allow the company to capitalise on its execution expertise.
He added: “Our goal in the next phase of the company’s growth is to expand the business operationally so it becomes the market leader in the Saudi food and beverage market. Also, the company is pursuing and ambitious expansion plan that will help it better serve this active sector.”
Dr Suleiman Al Rushudi, chairman of GUFC, said: “The technical and financial ability of Jadwa, along with the marketing expertise of GUFC, will further enhance and optimise our operations in various fields.”
He added that the company’s association with Jadwa would allow the companies to benefit from each other’s expertise and allow them to diversify into other businesses.
GUFC is a juice and beverage manufacturer based in Saudi Arabia and its products are sold across more than 20 countries in the region, including the MENA region, Canada, UK and the Indian subcontinent. Its diversified product mix includes recognised brands such as Maaza, Captain and Qobtan.
The Riyadh based Jadwa Investments is one the largest asset management firms in the Kingdom, and a portfolio that includes Saudi Aramco’s Lubricating Oil and Refinery Company and a partnership in the $3.3 billion rated Makkah project in Jabal Omar.
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