Saudi F&B giant Savola acquires Dubai’s spices company in $260m deal
Deal is a part of 5-year strategy to expand Savola’s regional presence
Dubai: Savola Group, Saudi Arabia’s largest food products company, has acquired Bayara Holding in Dubai for $260 million.
The packaged foods company offers a range of spices, pulses and snacks with a distribution network spanning across Saudi, UAE and 30 other countries.
“The acquisition of Bayara represents a strategic addition to Savola Group,” said Waleed Fatani, Savola Group CEO. “It reinforces our overarching focus on growth and delivering long-term value creation for our shareholders.”
Bayara recorded net sales of about SR420 million for the 12-month period ending in March 2021.
Sameh Hassan, CEO of Savola Foods, said, “We are seeking to introduce and drive this new business under Savola Foods through regional expansion while strengthening and consolidating our base in the UAE.”