Saudia Arabia-based food company Savola Group, as well as a number of private-equity firms, are reported to be first-round bidders for Kuwait Food Co., the Kuwaiti food manufacturer and fast food chain operator.
According to Bloomberg, Savola, plus private-equity firms Advent International and TPG Capital have submitted bids for Kuwait Food Co., also known as Americana Group. KKR and CVC Capital Partners, two other buyout houses, have tabled a joint offer, the newswire said.
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Americana’s food manufacturing arm produces brands including California Garden beans and Farm Frites frozen vegetables, supplying products to supermarkets across the Middle East. It is also a franchise operator of a number of restaurants across the region, including KFC and Pizza Hut.
The Al Kharafi family owns 66.8% of Kuwait Food Co. through private investment firm MAK.
Savola, CVC and KKR could not be reached for immediate comment. Advent and TPG declined to comment. The Bloomberg report, citing sources, said Americana could end up being acquired for US$4bn.
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