AMBITIOUS AGTHIA GROUP SNAPS UP 60% OF AUF GROUP FOLLOWING SPENDING SPREE IN 2021
Agthia Group, a UAE-based food and beverage company, has completed its purchase of 60% of Auf Group, an Egyptian snacks and coffee manufacturer and retailer.
The deal is part of wider moves by Agthia Group to strengthen its presence in the region’s consumer packaged goods sector, following as it does a flurry of acquisitions of snack producers by the firm in 2021.
In a statement, Khalifa Al Suwaidi, Agthia Group’s chairperson, said the purchase of Auf Group “aligns with our 2025 growth strategy to acquire, integrate and grow attractive businesses in value-add categories”.
“Egypt remains a strategic target for Agthia, as one of the MENA region’s fastest-growing consumer markets,” he added.
“We continue to identify opportunities to grow our presence there while strengthening our F&B leadership in the Middle East and beyond.”
Last year Agthia Group, which is based in Abu Dhabi, snapped up, among other firms, BMB Group, a Dubai snack producer, Al Foah, a dates company headquartered in Abu Dhabi, and Al Faysal Bakery and Sweets from Kuwait.
The founders of Auf Group, which was founded in 2010, have retained a 30% share and are continuing to run the company.
“This transaction represents a significant milestone in Auf Group’s history, and we look forward to working alongside the Agthia team to build on our success to date,” said Ahmed Auf, Auf Group’s CEO.
“Our focus remains on maintaining our unique position in the Egyptian snacking market while expanding our reach and footprint.”
In other Abu Dhabi-related industry news, SIAL Paris Newsroom reported earlier this year that the authorities in the emirate had awarded contracts worth 310 million dirhams (€80.3 million) for the building and operation of two farms.