Savola in $300 Million Deal to Buy Saudi Confectionery

Press release
Published October 3rd, 2017 - 06:10 GMT
Savola, which owns supermarket chain Panda, is keen to increase the quality and variety of its sweets offering.
Savola, which owns supermarket chain Panda, is keen to increase the quality and variety of its sweets offering.
Savola Group, Saudi Arabia's largest food products company, is in talks to buy sweets and confectionery maker Sanabel Al Salam in a deal worth $300 million, sources told Reuters. 
 
The confectioner has 104 branches across the kingdom and a catering unit. It is owned jointly by Dubai-based NBK Capital Partners, the private equity arm of National Bank of Kuwait, and Dr. Saleh Bin Nasser AlFarhan, who founded the company in 1995, said the report
 
Savola, which owns supermarket chain Panda, is keen to increase the quality and variety of its sweets offering, said the sources, who declined to be named as the matter was not public. 
 
Talks between Savola and Sanabel Al Salam's shareholders could still falter and there's no certainty a deal will be reached, the report added. 

Background Information

Savola Group

At Savola, we know who we are and we know what we are doing. We are the leading strategic investment holding group in the food and retail sectors across the MENAT (Middle East, North Africa and Turkey) region. We are proud of our Saudi heritage, our current international presence and the ethical business model that sets us apart. We think that companies perform best when they play to their strengths. For us, this means focusing our resources on building a strong portfolio of assets in the food and retail sectors. Through companies under our two entities, Savola Foods and Savola Retail, we now operate large numbers of grocery stores and produce everyday household staples loved by consumers in 30 countries. Our profits also come from stakes we hold in other companies in our core sectors and other industries.

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