Saudi healthcare and consumer goods conglomerate Tamer Group is acquiring the Middle East's biggest online retailer of mother and child products, Mumzworld, amid a regional boom in e-commerce.
Mumzworld signed a sales and purchase agreement with the Jeddah-based group for a majority stake in the company, it said on Monday.
The companies did not disclose the value of the deal.
"We are better positioned than ever to accelerate growth, drive wider geographic expansion and continue to build a tech footprint serving customers better than ever," said Mona Ataya, chief executive of Mumzworld.
"We will continue to own the supply chain for mother and child."
The Covid-19 pandemic has hastened a consumer shift to online shopping in the Middle East amid movement restrictions to curb the spread of the virus, pushing e-retailers to expand further.
Mumzworld said the regional mother, baby and child products market is worth more than $10 billion, with the online segment growing by about 39 per cent annually. However, online penetration remains below 10 per cent.
The transaction will give Mumzworld access to a large, committed pool of capital that will allow the business to "supercharge" its growth.
The deal will also allow Mumzworld to continue to grow in key regional markets, expand its digital footprint and gain access to Tamer Group's strong distribution network, it said.
While Mumzworld will retain its full management team and its branding, the companies' combined platform has scope for "enormous synergies" in procurement, logistics and infrastructure, it said.
Tamer Group includes consumer and nutrition divisions, as well as logistics services. It had an annual turnover of 9.2bn Saudi riyals ($2.5bn).
"We believe that e-commerce is the future for the GCC," said group chairman Ayman Tamer.
"As a major player in the FMCG space, e-commerce is no longer an option, but a necessity."
Mumzworld was founded in 2011 by Ms Ataya and chief commercial officer Leena Khalil, who will continue to drive the business, be part of the board and "remain material shareholders", the company said.
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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