Dubai: Abu Dhabi’s IHC is bidding to acquire between 25-31.25 per cent of Colombian food processing company Grupo Nutresa, at $15 a share. For IHC, this is an expansion of its interests in the F&B and agriculture space. The offer has been made through IHC Capital Holding.
Grupo Nutresa, a $4 billion business, owns around 70 brands selling in more than 60 countries. It’s strengths are obviously in the Americas, and its product range extends to biscuits, chocolates, coffee, ice cream and pasta. The $15 a share offer constitutes a premium on the current $10 the stock is quoted at.
Abu Dhabi’s investment giants have been laser focussed on direct stakes across various layers of the global food industry. In the recent past, ADQ bought a stake in the agribusiness Louis Dreyfuss, while Mubadala Capital has one in K-Mac Enterprises, the second biggest Taco Bell franchise in the US. And in April this year, ADQ was at it again, this time buying a majority in Unifrutti, the fresh fruits company.
As for IHC itself, the company in the recent past has taken exposures in India’s Adani Group ventures and in the Turkish renewable energy company Kalyon Enerji via a Dh1.1.8 billion transaction. The steady portfolio expansion delivered IHC a staggering Dh10.3 billion in H1-2022 net profit.