Bahrain Family Leisure Company (BFLC) signed a definitive agreement yesterday to acquire Truffle Hospitality Holding, the food and beverage subsidiary of Dividend Gate Capital (DGC), in a share-swap deal that will create a regional hospitality heavyweight.

Under the terms of the agreement, DGC will become the majority shareholder of the Bahrain Bourse-listed BFLC with a 58 per cent stake, while existing BFLC shareholders will see their ownership diluted to 42pc. Truffle will become a wholly-owned subsidiary of BFLC.

The combined entity will operate more than 20 food and beverage brands across more than 50 outlets in four GCC countries. The portfolio includes BFLC’s Bennigan’s and Cucina brands alongside Truffle’s concepts such as Hlayel, Manos the Family Bistro, and Tikka & Kabab Ameen.

“Today marks a significant milestone as we bring our respective food and beverage portfolios together under a single, listed holding company. Together, we will become one of the largest and most diverse F&B platforms in Bahrain, generating annual revenues exceeding $20 million,” said DGC managing director Mohamed Khonji.

“By consolidating under one structure, we will be able to operate at a larger scale and use shared resources more strategically. With a debt-free balance sheet, we are in a strong position to pursue regional growth without compromising on stability.”

“This agreement marks the first time two companies in this space have joined forces at the listed-company level – a clear signal that the industry is maturing and shifting towards more structured models aligned with investor expectations.”

“This is an opportunity to bring institutional discipline and portfolio thinking into this segment, creating scale and diversity.”

BFLC vice-chairman Ahmed Janahi said the transaction supports the company’s long-term growth and regional expansion goals.

Ayman Gadallah, head of investment banking at SICO, the financial adviser to the transaction, added that the agreement reflected alignment between two strong portfolios and the firm was “looking forward to assisting with the next steps”.

The deal, which follows a conditional agreement signed in November 2024 and subsequent due diligence, remains subject to shareholder and regulatory approvals.

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