Abu Dhabi-based food and beverage company Agthia has acquired a 60 per cent stake in Egypt's Auf Group, a healthy snacks and coffee manufacturer, as it continues to expand its portfolio.
Agthia’s board of directors has approved the strategic acquisition of Auf Group, which has a presence in Egypt and the Netherlands, Agthia said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
Auf Group’s founders will retain a combined stake of 30 per cent in the business, while Tanmiya Capital Ventures, an Egyptian private equity firm which invested in Auf Group in 2019, will hold the remaining 10 per cent stake.
The acquisition is subject to satisfying customary closing conditions, including obtaining relevant regulatory approvals, the statement said.
“As part of our strategy to stimulate growth and enhance our operations, we are focused on expanding Agthia’s footprint in the MENAP [Middle East, North Africa and Pakistan] region,” Khalifa Al Suwaidi, chairman of Agthia Group, said.
The acquisition is a “compelling opportunity to bolster our delivery of this commitment, while further penetrating one of the region’s fastest-growing consumer markets”, he added.
Established in 2010, Auf Group processes, manufactures, retails and distributes various products such as coffee, nuts, healthy snacks and other confectionery products sold under the ‘Abu Auf’ master brand across Egypt, the Arab world’s most populous economy.
Agthia, which is owned by Abu Dhabi's state holding company ADQ, has been on a deal-making spree in an effort to become the biggest food and beverage company in the region by 2025.
Its first-quarter net profit jumped almost 64 per cent on an annual basis as the company’s quarterly sales surpassed Dh1 billion ($272.3 million) for the first time. Total assets were Dh6.6bn as of March 31.
In May, Agthia announced expansion into Saudi Arabia with a greenfield investment worth Dh90m that will be used to set up a manufacturing unit in the kingdom.
Last December, the company completed the acquisition of snacks maker BMB Group, and in September it acquired a 75.02 per cent stake in Egypt-based meat processor Ismailia Investments, also known as Atyab.
“Following our partnership with an institutional investor in 2019 to further accelerate growth and institutionalise the company, we believe we are now ready for the next step in our journey,” Ahmed Auf, chief executive of Auf Group, said.
“We … are very excited by the prospect of partnering with Agthia to expand our reach, realise our potential and grow our footprint in the UAE and beyond.”
In 2021, Auf Group generated revenue of Dh236m and Ebitda (earnings before interest, taxes, depreciation and amortisation) of nearly Dh58m.
The five pillars of Islam
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Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
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Started: Established in 2020
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