Mubasher: GFH Financial Group has inked an agreement to acquire a leading food services and logistics business in Saudi Arabia at an enterprise value of nearly SAR 500 million.
The signing took place on the slides of the seventh edition of the Future Investment Initiative (FII) conference which was launched on 24 October in Riyadh, according to a press release.
The Saudi company has a wide premium product portfolio and a diverse base of more than 1,000 blue-chip customers, including HORECA players and retail brands across the Kingdom.
The new announcement follows GFH Partners Limited’s acquisition of a $150 million diversified logistics and industrial portfolio in Saudi Arabia and the UAE.
Razi Al Merbati, CEO of GFH Capital, commented: “This transaction will come in line with GFH’s strategy to invest in priority sectors aligned with the Saudi Vision 2030.”
“With a strong pipeline of cross-sector opportunities in place, we are focused on expanding our portfolio of unique, income-yielding assets in defensive sectors, including the consumer and logistics industries, some of the fastest growing in the Kingdom today,” Al Merbati noted.
Hammad Younas, Chief Investment Officer of Private Equity at GFH, said: “We see strong opportunities for the company’s further expansion resulting from sweeping economic and social transformation and the rapidly changing domestic landscape fueling all-time high consumer and investor confidence.”
Meanwhile, the Saudi National Industrial Development and Logistics Program (NIDLP) targets an additional $453 billion in investments in the private sector by 2030. This will contribute $320 billion to the gross domestic product (GDP) and provide 1.60 million new job opportunities.