Saudi Arabian sauces and condiments firm Al-Faris Food Group has sold a controlling stake in the business to Dubai private-equity vehicle The Gulf Japan Food Fund (GJFF).
The fund, focused on the food and beverage industry, is backed by Japanese institutions including Mizuho Bank and The Norinchukin Bank, as well as sovereign wealth investors. It has not revealed what it has paid for Al-Faris.
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Founded in 1985 and headquartered in Riyadh, Al-Faris manufactures products including ketchup, vinegar, mayonnaise, salad dressings and hot sauces.
It also distributes packaged imported products including olives, pickles and cheese within Saudi Arabia and the wider Middle East.
Post-deal, Yassir Sindi, one of the founders of Al-Faris, will become its chairman and continue to lead the business.
He said: “I am excited to embark on this new chapter with the Gulf Japan Food Fund to take our business to the next level and expand our footprint across Saudi Arabia and the wider MENA region.
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By GlobalData“We have found a strategic fit with the Gulf Japan Food Fund, and with their expertise, we hope to achieve this goal.”
GJFF investment managers, Hitoshi Sugawara and Firas Nasir said in a joint statement: “This transaction represents the second investment of our fund in Saudi Arabia demonstrating our confidence in the future and potential of KSA and the broader MENA market.
“We look forward to working closely with Mr. Sindi and the Al-Faris leadership team in expanding the business and offering consumers a broad range of delicious, locally-made products.”
This investment represents the ninth transaction by GJFF, a fund established in 2016 to invest in the food industry in the Middle East, Japan and a number of other areas.
