Abu Dhabi's food giant Agthia snaps up Kuwaiti bakery chain
Dubai: Abu Dhabi's food giant Agthia Group is buying a legacy bakery chain in Kuwait - Al Faysal Bakery and Sweets.
“Our decision to acquire aligns with our strategy to further build our regional F&B footprint, adding significant scale to our existing operations in Kuwait and further diversifying our portfolio," said Alan Smith, CEO of Agthia, which recently had announced plans to integrate Al Foah Dates - the biggest dates company in the world - into its portfolio.
"The acquisition will be accretive to Agthia’s existing platform and we expect to generate significant revenue and cost synergies.”
In fiscal 2019, Al Faysal generated Dh92 million in sales and net income of Dh17.2 million. Al Faysal came into being in 1991 with a diverse range of savouries serving all food outlets in Kuwait.