Jadwa Investment and Gulf Union Foods Company "GUFC" announced that Jadwa Investment has completed its acquisition of a substantial equity stake in GUFC through Jadwa Food and Beverage Opportunity Fund.
"The acquisition builds on our direct investment portfolio which contains Saudi Aramco's Lubricating Oil Refining Company and capitalizes on our execution expertise. It's also consistent with Jadwa Investment's strategic objective of acquiring substantial equity stakes in promising companies," said Ahmed Al Khateeb, Managing Director and Chief Executive Officer of Jadwa. He added "I am pleased that the shareholders overwhelmingly approved Jadwa's proposal to acquire a substantial equity stake in GUFC. I would like to thank them for their support over the course of this transaction and now look forward to partnering with them to execute our strategic plan and continue to grow the business together. GUFC has a strong and talented management team that has successfully grown the business to become a dominant player in the Saudi food and beverage market. We are delighted to work with them in the next phase of the company's growth and expand the business to become a regional food and beverage company. Our goal in the next phase of the company's growth is to expand the business operationally so it becomes the market leader in the Saudi food and beverage market. Also, the company is pursuing an ambitious expansion plan that will help it better serve this active sector."
"GUFC is pleased to be associated with a renowned financial group like Jadwa", said Dr. Suleiman Al Rushudi, Chairman of GUFC. He added "Looking at the history of growth trend and its long term vision, GUFC approved the deal with Jadwa, which is a reputed, reliable and a sound financial entity. GUFC strongly believes that this association will help materialize its long term growth objectives. The technical and financial ability of Jadwa along with the manufacturing expertise of GUFC will further enhance and optimize our operations in various fields. GUFC considers this business association with Jadwa as an opportunity to benefit from each others expertise and diversify in other related businesses."
GUFC is one of the leading juice and beverage manufacturing companies in the Kingdom. The company manufactures juices, nectars and flavored drinks, with its products sold in more than 20 countries across different regions, including Saudi Arabia, GCC, Levant, North Africa, Canada, UK, Indian Subcontinent and other countries. It currently has seven state of the art production lines, 550 dedicated staff and 120 sales trucks. It has a diversified product mix with recognized brands such as: Original, Maaza, Captain and Qobtan.
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For further information, contact:
Faisal Al-Ayyoubi
Managing Director Corporate Communications
Jadwa Investment Company
+966 1 211 4855
falayyoubi@jadwa.com
Dr. Suleiman Al Rushudi
Chairman
Gulf Union Food Company
+966 1 265 2855
dr.suleiman@gulf-union.com
© Press Release 2010
