UAE’s Agthia acquires majority stake in Egypt’s Auf Group

UAE’s Agthia acquires majority stake in Egypt’s Auf Group

Agthia Group completed the acquisition of a 60% stake in Auf Group, an Egypt-based healthy snacks and coffee manufacturer as well as retailer, for an initial price of up to EGP 2.92 billion.

The acquisition boosts Agthia’s position as a leading regional consumer packaged goods (CPG) company and strengthens its footprint in the Egyptian market, according to a recent press release.

Auf Group’s founders will hold a 30% stake in the business, while Tanmiya Capital Ventures, an Egyptian private equity firm that invested in the acquired group in 2019, will own the remaining 10% equity.

According to Euromonitor, the Egyptian snacking market is expected to enlarge to nearly AED 11.20 billion ($3.05 billion) by the end of 2024 from about AED 8.70 billion ($2.30 billion) in 2020.

It is worth noting that Agthia’s board granted its approval for the takeover process last July.

The transaction aligns with the ADX-listed firm’s previous acquisitions that were announced in 2021, including Egypt-based Ismailia Investments (Atyab), Dubai-based BMB Group, Joran’s Nabil Foods, Abu Dhabi-based packaging company Al Foah, and Kuwait’s Al Faysal Bakery and Sweets.

Khalifa Sultan Al Suwaidi, Chairman of Agthia, said: “The acquisition of Auf Group aligns with our 2025 growth strategy to acquire, integrate and grow attractive