Abu Dhabi – Mubasher: Agthia Group has penned a sales purchase agreement to acquire Kuwait's Al Faysal Bakery and Sweets, according to a press release on Thursday.

The acquisition will the group's regional position and strengthen its portfolio.

In 2019, Al Faysal Bakery and Sweets recorded revenues of AED 92 million and earnings before interest, tax, depreciation, and amortisation (EBITDA) of AED 27 million.

Commenting on the acquisition, the Chairman of Agthia Group and Chief Investment Officer at ADQ, Khalifa Sultan Al Suwaidi, said: "Agthia remains committed to grow across several categories and have identified Kuwait as an important market for our strategic move of expanding the Group in the region."

Meanwhile, the CEO of Agthia Group, Alan Smith, referred: "The acquisition will be accretive to Agthia’s existing platform and we expect to generate significant revenue and cost synergies."