Edita Food Industries, a leading Fast Moving Consumer Goods (FMCG) company in Egypt and the Middle East, announced the acquisition of Fancy Foods, to be able to expand to its offering to the fresh bakery segment in the Egyptian market, according to local media reports.
Fancy Foods is an industrial bakery with automated food production technology in frozen food.
The company will be fully acquiring Fancy Foods’ assets which include two full production lines, machinery, land, property, a distribution arm, technical know-how, and recipes for a range of frozen bakery SKUs.
The company has 7,000 employees and over 100 stock-keeping units (SKUs).
“The deal equips the Company with the necessary frozen technology infrastructure, marking a significant step in applying our R&D to complementary ventures, while capitalizing on our market-leading portfolio of proprietary brands,” Hani Berzi, Edita Chairman, said to reporters.
Within the acquisition step, Edita will invest 400 million EGP to grow its business size over the coming years.
The company announced its results for the quarter that ended 31 March 2023, recording revenues of 2.8 billion EGP, a 78.3% y-o-y increase.
Zilla Capital was Edita’s financial advisor on the transaction and Matouk Bassiouny served as the legal counsel.
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