Egypt: PE firm buys majority stake in food business
Ezdehar Management has acquired a majority stake in Egyptian food company Kemet.
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Private equity firm Ezdehar Management has acquired a majority stake in Egyptian food company Kemet through its Ezdehar Mid-Cap Fund II.
Kemet produces pretzels and other savoury snacks for the domestic market and is seeking to expand its presence in the healthy snacking segment internationally.
Amir Mishriky, managing director at Ezdehar said: “Kemet is a standout company in Egypt's F&B space – with wide export reach, strong product and brand equity, and a track record that demonstrates resilience and longevity regardless of the economic conditions."
“We're looking forward to being part of the next stage of the company’s journey, working closely with the founders and management team. We have full confidence in their ability to drive growth and achieve their ambitious plans through continued product development and innovation. This investment reflects our broader conviction in the future of Egypt's F&B and consumer sectors,” he added.
From its base in Egypt, Kemet exports to markets in Africa, Europe, Asia, the Middle East and Australia.
With backing from Ezdehar, the company aims to broaden its product range beyond pretzels into other healthy and savoury snacks, increase production capacity, and expand its international distribution and brand presence.
Investors in Ezdehar Mid-Cap Fund II include the European Bank for Reconstruction and Development, the European Investment Bank, British International Investment, FMO, the International Finance Corporation, the Egyptian American Enterprise Fund and the Belgian Investment Company for Developing Countries, alongside Egyptian banks and other investment institutions.
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