Savola acquires 100% of Egypt’s Ole bakery for EGP 622 million

Savola acquires 100% of Egypt’s Ole bakery for EGP 622 million

Savola Snacks acquires 100% of the assets of The Egyptian Belgian Company for Industrial Investments for EGP 622.4 million. The transaction included the acquisition of all tangible and intangible assets of the Egyptian Belgian Company and Al Ahly Pharos acted as the exclusive buy-side advisor to Savola.

The Egyptian Belgian Company is an FMCG company with a manufacturing capability on the Cairo/Alexandria desert road that produces high quality unique bakery products. Ole bakery is one of the Egyptian Belgian Company’s most known brands.

The Saudi Savola Foods acquistion came amid plans to invest 1.7 billion EGP in Egypt over the next two years.

“I am delighted to announce the signing of APA of The Egyptian Belgian Co. which reflects Savola’s commitment to invest in Egypt and expand their manufacturing & distribution footprint in the country. I would like to thank all parties involved in the transaction for the tremendous effort exerted to close the transaction, especially the investment banking team of Al Ahly Pharos for delivering this mandate with their exceptional capabilities in handling complex M&A transactions. We are delighted to see regional investors keen on investing and expanding their business in Egypt,” Ahmed Heider, CEO of Al Ahly Pharos, stated.

Zaki Hashem & Partners was the buy-side legal advisor, National Bank of Egypt was the Escrow Agent for
the transaction, Zilla Capital was the sell-side advisor and Adsero was the sell-side legal adviser.

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