Dubai-based online floral marketplace, Floranow, announced it has fully acquired Bloomax, Saudi Arabia’s largest wholesale distributor of fresh-cut flowers aiming to expand its presence in the kingdom, according to the company.
The deal is giving Floranow a direct presence in nine cities.
It increases the number of companies in the KSA market buying on Floranow’s platform, to over 1,500 – and makes Floranow the largest importer/distributor of flowers in the country, according to the company.
The transaction is funded by a combination of debt and equity without disclosing a value for the deal.
Bloomax’s chairman, Noushad Gafoor, will stay in his managerial post in Saudi Arabia and will keep in charge of operations in the Kingdom.
Charif Mzayek, Founder and CEO of Floranow, said in a company’s statement: “We like the KSA market a lot. It is the GCC’s largest, with exciting growth drivers, and one we have operated in successfully for several years now.
“We look forward to growing further there and – in tandem – prioritizing the career paths of KSA nationals, especially women.”
Floranow manages the supply chain from the farm to the florist, including all freight stages, customs clearance, quality control and last mile delivery – connecting growers to importers in over 20 markets.
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