Sector News

Savola Group buys 51% of Al Kabeer

May 7, 2018
Food & Drink

Savola Group, a Saudi publicly listed joint stock company, announces the execution of a share purchase agreement for the acquisition of 51% of the Al Kabeer Group, a frozen foods player with operations across the Kingdom of Saudi Arabia, United Arab Emirates, Sultanate of Oman and Kingdom of Bahrain.

Anees Ahmad Moumina, Savola Group CEO, noted “we are excited about the prospects of this transaction and adding a brand such as Al Kabeer into our portfolio of leading consumer brands in regional food and retail sectors”. He added, “Investment in Al Kabeer represents building on the main pillars of our strategic investments portfolio which spans food and retail sectors across the region”.

Huda Al Lawati, Chief Investment Officer for the Savola Group, noted “the partnership is in line with Savola’s strategy to expand its investment portfolio and enter attractive, value-added categories within the overall food sector. The frozen food segment is forecast to continue growing, propelled by the increasing drive towards value & convenience”.

Founded in 1978, Al Kabeer has grown to become one of the leading frozen food players in the GCC, with manufacturing presence in UAE and Saudi Arabia. The acquisition comes at the one-year anniversary of the inauguration of Al Kabeer’s factory in King Abdullah Economic City.

In this transaction, Savola appointed Farrelly & Mitchell as the financial advisor, PricewaterhouseCoopers as the financial & tax due diligence advisor, and Linklaters as legal advisor. The Seller appointed Alpen Capital as its financial advisor, and Afridi & Angell as legal advisor.

The share purchase agreement was entered into on May 6, 2018. It is the intent of both parties to close the transaction as quickly as possible.

Source: Saudi Gazette

comments closed

Related News

June 24, 2022

Carlsberg announces resignation of CFO Heine Dalsgaard

Food & Drink

Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.

June 24, 2022

Kellogg to split into three companies, focus on snacks

Food & Drink

Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.

June 24, 2022

Mondelēz to buy energy bar company Clif Bar for $2.9bn

Food & Drink

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.