Abu Dhabi – Mubasher: The board of Agthia Group has approved to acquire a 60% stake in Auf Group, an Egypt-based healthy snacks and coffee manufacturer and retailer.
The transaction will enable Agthia to expand its businesses in the Egyptian snacking market and diversify its portfolio into branded consumer goods, according to a recent press release.
Auf Group’s founders will maintain a 30% stake in the business, while Tanmiya Capital Ventures, an Egyptian private equity company, remains a shareholder with a 10% stake.
The acquisition is subject to satisfying customary closing conditions, including obtaining relevant regulatory approvals.
The Chairman of Agthia Group, Khalifa Sultan Al Suwaidi, said: "The acquisition of Auf Group is a compelling opportunity to bolster our delivery of this commitment, while further penetrating one of the region’s fastest-growing consumer markets."
Meanwhile, the CEO of Auf Group, Ahmed Auf, commented: "Auf Group has grown substantially in Egypt since its foundation in 2010, with consistent investment in corporate infrastructure and human capital enabling us to build a distinguished brand and remain at the forefront of the local healthy snacks market."
It is noteworthy to mention that in December 2021, the company completed its strategic acquisition of a 100% stake in BMB Group, a Dubai-headquartered healthy snacks and food company.
