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Agthia Group Acquires Majority Stake in Egypt’s Atyab

Agthia Group Acquires Majority Stake in Egypt’s Atyab

Thursday, 16 September, 2021 - 04:15

Agthia Group, the UAE’s leading food and beverages company, has announced that it has completed the strategic acquisition of a majority stake in Ismailia Investments, Atyab, the Egyptian producer of frozen processed chicken and beef products.

Agthia has acquired a majority stake of 75.02% in Ismailia Investments. Atyab’s founder and leader, industry veteran Attito Raslan, will retain a stake in the company and build on his successful track record of growing the business with the backing of Agthia’s financial strength, wide regional reach and industry expertise.

Atyab has a processing capacity of around 70,000 tons per year through its facilities and production lines, including a 60,000 sqm manufacturing facility.

Building on its recent complementary acquisition of Nabil Foods in Jordan, Agthia will leverage Atyab to strengthen its position at the forefront of the MENA region’s growing processed protein sector, it said in a statement.

The acquisition will enable Agthia to quickly benefit from new revenue streams, cost and revenue synergy opportunities, wider regional and channel expertise, expanded product offerings, and enhanced financial performance and profitability, it said.

“We are delighted to complete this acquisition that further strengthens our position in the processed protein sector and provides access to millions of new consumers in one of the MENA region’s fastest-growing economies,” the statement quoted Alan Smith, Chief Executive Officer of Agthia Group, as saying.

Raslan said: “The conclusion of this transaction is a key milestone in Atyab’s growth story. The potential of being part of Agthia’s portfolio is very significant and I look forward to working with the group to take Atyab to its next phase of success.”

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