This deal will enhance Agthia’s presence in the snack food market in Egypt, whose value is expected to rise from 8.7 billion dirhams (about $2.3 billion) in 2020 to about 11.2 billion dirhams (3.05 billion dollars) by the end of 2024. According to Euromonitor.
The acquisition will also contribute to the consolidation of Agthia’s position as a major player in the consumer packaged goods sector in the region, especially after it acquired last year BMB Group, which specializes in the field of healthy snacks, and Al Foah Company, which is the largest receiving and processing company. Dates in the world, Al-Faisal Bakery and Sweets, which is considered one of the most prominent industrial bakeries in Kuwait, the Jordan-based Al-Nabil Food Industries Company specialized in the production of chilled and frozen meat, and the Egyptian company “Atyab” working in the field of producing chilled and frozen meat.
“Investing in Egypt is a strategic goal for Agthia Group, and we will continue to look for opportunities to expand our presence in the food and beverage sector in the Middle East and beyond,” said Khalifa Al Suwaidi, Chairman of Agthia Group.
For his part, Alan Smith, CEO of Agthia Group, said, “This acquisition is an important step for Agthia Group, as it plays a major role in strengthening our presence in the snacks and healthy foods market. We will work to seamlessly integrate the Auf Group’s businesses into our portfolio to make the most of our benefits.” Synergies and growth opportunities available We are excited to expand our presence in Egypt, and look forward to working with the Auf Group team to enhance the company’s efficiency and capabilities.”
It is noteworthy that “Aufthia” acquired a 60 percent stake in the “Auf” group, with the “Auf” founders retaining a total stake of 30 percent in the company and continuing to manage the group while benefiting from the regional presence and operational support of the “Auf” group.
Tanmia Capital Ventures, an Egyptian private equity investment company, also holds the remaining 10 percent stake in the Auf Group, which it acquired in 2019.
Ahmed Auf, CEO of Auf Group, said, “The completion of this deal represents an important milestone in the history of Auf Group. Our focus will remain on consolidating our position in the snack food market in Egypt, in addition to expansion.”
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