Published 01 Sep,2021 via Arab News - Economy - Food and beverage company Agthia has made another foray into the healthy snack market through the acquisition of UAE-based BMB Group.
Launched in 2007, BMB has a large portfolio of confectionery and healthy food brands – including Asateer, Al Qamar, Freakin’ Healthy and Benoit – and distributes its products in more than 23 countries worldwide, including the UAE, Saudi Arabia, and USA.
Agthia's purchase of the company comes in the same year as it brought date company Al Foah as part of its expansion into a healthy snack market forecast to reach SR367.58 billion ($98 billion) a year by 2025.
Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said: “Earlier this year, we presented Agthia’s corporate strategy to the public, and outlined our commitment to investing into the fastest growing and profitable segments of the food and beverage space.
"The acquisition of BMB aligns with that mandate, and will accelerate the footprint of our snacking business, while adding strong brands and capabilities to our portfolio. We are also pleased with the immediate value accretion that the acquisition of BMB creates for Agthia’s shareholders.”
Bilal Ballout and Mohamad Khachab, co-chief executive officers of BMB Group, said: “As a homegrown UAE business, it gives us immense pride to partner with Agthia for the next phase of our growth, one in which we wish to serve our customers through increased product innovation, scale our business across the healthy foods segment, and continue to evolve into a truly global foods conglomerate.
"We would like to thank our customers, suppliers, and employees for the invaluable role that they continue to play in our journey and wish to welcome Agthia to the BMB family.”
BMB is headquartered in Dubai, UAE, where its two manufacturing facilities, stretching over a combined total of 150,000 square feet, are located. The group employs nearly 1,000 staff.
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