Savola Group, the Saudi Arabia-based food conglomerate, is to pay US$260m to acquire fruit and nuts firm Bayara in the United Arab Emirates.
The deal, conducted through its Savola Foods Company subsidiary, will see Savola acquire 100% of the shares of the privately-owned business – officially trading as Gyma Food Industries – specialising in the production of nuts, spices, grains, pulses, dried fruits and dates, processing about 23,000 tonnes of goods a year.
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Bayara, which operates out of the UAE and Saudi Arabia, was founded in 1992 under the brand name Gyma before rebranding as Bayara in 2013. It employs more than 900 people.
Savola informed the Saudi Stock Exchange, on which it is listed, that the deal is “a continued activation of Savola Foods Company’s announced strategy to enter attractive, value-added categories with increasing appeal within the food sector”.
Established in 1979, Savola – which operates across the region – produces edible oils, sugar, pasta and ghee amongst other things and markets products under a number of consumer food brands.
It also holds a 34.52% stake in Saudi Arabia’s Almarai, the largest dairy company in the Middle East.
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