Dubai-Mubasher: The Dubai-based GFH Capital, a wholly-owned subsidiary of Bahrain’s GFH Financial Group, has acquired a leading bread and sweet producer in Saudi Arabia for $50 million.
Established in 1984, the Saudi-based company supplies its products to over 3,000 clients across the kingdom through its extensive distribution network. Revenues rose at compound annual growth rate (CAGR) of 11% during 2010-2014 and is projected to maintain this growth level over the investment period.
“The acquisition is well in line with our objectives and ambitions to enhance our position and investment portfolio in the Saudi market where we see a significant opportunity particularly in sectors such as this where growth is driven by strong consumer demand,” Hisham Alrayes, GFH Capital’s managing director said.
