UAE’s Agthia buys bakery major to quadruple business interests in Kuwait

UAE’s Agthia buys bakery major to quadruple business interests in Kuwait

Agthia Group, a Abu Dhabi-based food and beverages major, on Thursday announced that it has successfully completed its transaction to acquire Al Faysal Bakery and Sweets, one of Kuwait's leading industrial bakeries.

Agthia said the completion of the deal strengthens its regional footprint and expands its portfolio while also quadrupling the size of its business in Kuwait.

Agthia says it will have an 'even stronger platform' to compete across the MENA region and beyond following deal completion

Khalifa Sultan Al Suwaidi, chairman, Agthia Group and chief investment officer, ADQ, said: “Agthia Group is committed to significantly increasing its regional presence through a diversified portfolio that will drive compelling value to shareholders.

"Acquiring Al Faysal Bakery and Sweets marks a key milestone for Agthia, enabling the Group to accelerate on its roadmap and strengthen its leading role in the FMCG sector.”

Al Faysal Bakery and Sweets, which generated revenues of AED90 million and net income of AED12 million for the 12 months ending September 2020, has been serving the Kuwait market since 1991.

With over 500 employees, Al Faysal Bakery and Sweets produces fatayers, croissants, mini pizzas and new product categories such as cupcakes, puff and rusks.

Alan Smith (pictured above), CEO of Agthia Group, added: “Al Faysal