Saudi Arabia’s Almarai has entered an agreement to acquire Bakemart’s operations in the UAE and Bahrain, extending the food and beverage manufacturer’s presence in the bakery category across the Middle East.
In a stock exchange filing, Almarai said it had formed an agreement with the shareholders of Bakemart FZ LLC, Bakemart LLC, both in Dubai, and Bakemart WLL in Bahrain, to purchase the operations for an enterprise value of AED93.5m (US$25.4m).
Almarai, which is engaged in the production of dairy, poultry, bakery, infant nutrition and juice products, added the deal is subject to certain mandatory and regulatory approvals including Saudi Arabia’s competition body.
Bakemart was founded in 2003 and supplies frozen bakery products to retail and foodservice customers in the Middle East. Its range features breads, cakes and pastries.
just-food has contacted Bakemart to establish what operations will remain the hands of the Bakemart shareholders who have agreed to sell the UAE and Bahrain operations.
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Earlier this month, Almarai appointed a new chief executive in the form of Abdullah Nasser Al Bader, who was promoted from the position of vice-president for the company's bakery division. He replaced Majed Mazen Nofal, who departed as CEO last year.