Dubai: Abu Dhabi’s Agthia Group is picking up a majority stake in Jordan’s Nabil Foods, which will help the UAE company expand its geographical reach and solidify its status as one of the Top 10 names in the region’s F&B space.
Founded in 1989, Nabil Foods is a big name in frozen and chilled processed protein products and which are distributed in more than 20 markets. It has a processing capacity of 43,000 tons per year and over 600 individual product lines. (The transaction is subject to obtaining certain regulatory and shareholders’ approvals.)
The acquisition would represent Agthia’s first entry into processed protein space. “Through Nabil Foods, Agthia would have immediate access to new revenue streams,” Agthia said in a statement. (At home, Agthia recently completed a merger with Al Foah, the biggest dates processing company in the world.)
As we continue to expand into new profitable business lines in the food and beverage industry, our vision is to cement Agthia’s position as a mark of quality in the region while fueling product innovation in the sector.
“The acquisition, once completed, would represent another step towards meeting our ambitions – it would be an accretive acquisition for both the business and our shareholders, an expansion into a growing sector with high-quality product offerings and a mutual commitment to innovation aligned with evolving consumer trends,” said Alan Smith, CEO.
“Agthia’s balance-sheet will be further strengthened and capitalized following completion of this acquisition, which will enable the company to continue to pursue its growth strategy.”