Abu Dhabi: Agthia Group, the region’s leading food and beverages company, on Wednesday announced that it has completed the strategic acquisition of a majority stake in Ismailia Investments (Atyab), an Egyptian producer of frozen processed chicken and beef products.
Through a portfolio of four brands, Atyab caters to the value, economy and premium segments of the Egyptian market. It has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sqm manufacturing facility.
Building on its recent complementary acquisition of Nabil Foods in Jordan, Agthia will leverage Atyab to strengthen its position at the forefront of the MENA region’s growing processed protein sector.
The acquisition will enable Agthia to quickly benefit from new revenue streams, cost and revenue synergy opportunities, wider regional and channel expertise, expanded product offerings, and enhanced financial performance and profitability.
“We are delighted to complete this acquisition that further strengthens our position in the processed protein sector and provides access to millions of new consumers in one of the MENA region’s fastest-growing economies,” said Alan Smith, Chief Executive Officer of Agthia Group.
“We welcome the Atyab team into our Agthia family and are committed to further developing the business and brand, while expanding our product offering and distribution capabilities that will enhance our existing operations in a key growth market for us.”
“At Agthia, we are continuing to actively pursue new, scalable opportunities as part of our strategy to establish the company as a food and beverage leader in the MENA region and beyond by 2025.”
“The conclusion of this transaction is a key milestone in Atyab’s growth story. The potential of being part of Agthia’s portfolio is very significant and I look forward to working with the group to take “Atyab” to its next phase of success,” said Attito Raslan, Chairman and Chief Executive Officer of Atyab.