[ad_1]
Agthia Group has completed the acquisition of a 60% stake in Auf Group, an Egypt-based manufacturer and retailer of healthy snacks and coffee, for an initial price of EGP 2.92 billion.
According to a recent press release, the acquisition enhances Agthia’s position as a leading regional consumer goods (CPG) company and strengthens its footprint in the Egyptian market.
Auf Group’s founders will hold a 30 percent stake in the business, while Egyptian private equity firm Tanmiya Capital Ventures, which invested in the acquired group in 2019, will hold the remaining 10 percent.
According to Euromonitor, the Egyptian snacks market is expected to expand from about AED 8.7 billion (US$ 2.3 billion) in 2020 to almost AED 11.2 billion (US$ 3.05 billion) by the end of 2024.
Notably, Agthia’s board of directors approved the acquisition process in July last year.
The deal is in line with the ADX-listed company’s previously announced acquisitions in 2021, including Egypt-based Ismailia Investments (Atyab), Dubai-based BMB Group, Joran’s Nabil Foods, Abu Dhabi-based packaging firm Al Foah and Al Faysal Bakery and Sweets in Kuwait.
Khalifa Sultan Al Suwaidi, Chairman of Agthia, said: “The acquisition of Auf Group is in line with our 2025 growth strategy of acquiring, integrating and developing attractive businesses in value-added categories. As one of the fastest growing consumer markets in the MENA region, Egypt remains a strategic target for Agthia.
Alan Smith, Chief Executive Officer of Agthia, commented: “This is a significant acquisition for Agthia, further expanding our footprint in the snacks and healthy food verticals. We look forward to integrating Auf Group as part of Agthia while leveraging synergies and growth opportunities Monetization.”
Smith added: “We are also excited to expand our presence in Egypt and look forward to working closely with the Auf Group team to enhance their capabilities and capabilities.”
Ahmed Auf, CEO of Auf Group, noted: “This transaction represents an important milestone in the history of Auf Group and we look forward to working with the Agthia team to build on our success to date.”
Net profit attributable to owners of the ADX-listed company rose to AED158.55 million in the first nine months (9M) of 2022, compared with AED103.29 million in 9M-21.
All Rights Reserved – Mubasher Info © 2005 – 2022 by SyndiGate Media Inc. (Syndicate Information).
[ad_2]
Source link