SEDCO Holding, one of the largest family-owned investment groups in the Kingdom of Saudi Arabia, today announced the completion of the sale of Arabian Entertainment Company Limited (“AEC”) to GLD Partners LP, a Los Angeles, USA based privately held, alternative investment management firm. AEC operates 17 casual dining restaurants throughout Saudi Arabia and is the local franchisee for Applebee’s Neighborhood Grill + Bar®, one of the world’s largest casual dining brands.
The sale of AEC represents an exit by SEDCO Holding from the F&B foodservice sector as a part of its strategy to focus on core businesses.
For GLD Partners the transaction represents an entry point into the fast growing and dynamic foodservice sector in Saudi Arabia and forms a part of its overall expansion plans and investments into the region, and in particular, Saudi Arabia.
Omar Mirza, Managing Director of GLD Partners for MENA region thanked SEDCO Holding and Dine Brands for the smooth transfer of Applebee’s Saudi Arabia franchise to GLD Partners. He stated that “these are exciting times, and we are thrilled to have added a leading global brand like Applebee’s to our growing MENA region investments portfolio”.
Dine Brands Global, the parent company of Applebee’s, is helping to ensure the smooth transition of the franchise under AEC from SEDCO Holding to new owners, GLD Partners.
“We are in full support of this ownership transfer and believe GLD Partners will continue Applebee’s rich traditions, furthering the brand’s success in Saudi Arabia.” said Gary Moore, Regional Vice President of Franchise Operations, Dine Brands Global, Inc.
About SEDCO Holding
SEDCO Holding is a leading Saudi ethical and sustainable investor with a track record of excellence dating back over 45 years. The Group was first founded in 1976 by the late Sheikh Salem Bin Mahfouz, growing from a small trading and construction contracting business to become one of Saudi Arabia’s largest conglomerates managing a diverse portfolio of investments in sectors crucial to sustainable prosperity – including healthcare, education, asset management, hospitality and real estate.
About GLD Partners
GLD Partners, LP is a privately held, diversified alternative investment management firm committed to a long-term focused investment approach to select investments, across industries and geographies. GLD Partners deploy capital and expertise as value-oriented investors in private equity, credit-oriented capital markets and distressed assets. Since 2003, they have relied on this investment philosophy in creating value throughout economic cycles. The company has offices in Los Angeles where it headquartered and New York.
About Dine Brands Global
Based in Glendale, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill + Bar and IHOP brands. With approximately 3,440 restaurants combined in 16 countries and approximately 350 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. For more information on Dine Brands, visit the Company’s website located at www.dinebrands.com.
© Press Release 2022
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