Saudi Food and Retail Group acquires 100% of Bayara for US$ 260mn in cash
Savola Group, a leading strategic investment holding company with focus on the food and retail sectors in the Middle East and North Africa; Levant Capital, an investment management firm based in Dubai; and Spicemen Limited, recently announced today the completion of the acquisition of Bayara Holding Limited (Bayara) by Savola Foods, a wholly owned subsidiary of Savola Group.
Savola Foods acquired 100% of Bayara for US$ 260mn in cash (SAR 975mn). The acquisition is pivotal to Savola’s growth strategy focused on expansion into high growth, value-added food categories with propositions directed towards younger population, the company said in a press communiqué.
“The acquisition of Bayara represents a strategic addition to Savola Group, and a demonstration of our commitment to continue growing Savola’s portfolio with future focused businesses,” Waleed Fatani, CEO, Savola Group.
“We are seeking to introduce and drive this new business under Savola Foods through regional expansion while strengthening and consolidating our base in the UAE,” remarked Sameh Hassan, CEO, Savola Foods.
“Bayara has achieved remarkable success over the past thirty years, and we look forward to building on this strong foundation to continue this momentum through this next stage” commented Jean Marc Lourau, CEO, Bayara.