Saudi Arabia’s Almarai, a leading player in the food and drinks industry in the Middle East, has reached an agreement to acquire Riyadh-based Premier Foods Industries for SAR108m (US$28.8m).

A sale and purchase agreement has been signed with Premier Foods’ current owner Alamar Foods, which operates as a franchise for foodservice outlets Domino’s Pizza and Dunkin’ Donuts in the Middle East and North Africa region (MENA). Almarai is owned by the US private-equity firm The Carlyle Group.

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Premier Foods manufactures value-added halal meat and poultry products for the foodservice sector in the Middle East from its plant in Saudi Arabia’s capital of Riyadh. 

Almarai said in a statement announcing the deal that the acquisition will support its expansion plans into foodservice channels and will be funded with its own cash.  

The deal for Premier follows a business disposal late last year, when Almarai sold its 33% stake in grain producer United Farmers Holding Company (UHFC) to the Saudi Agricultural and Livestock Investment Company (Salic) for the dollar equivalent of $28m.