Edita acquires Fancy Foods: Edita Food Industries now owns 100% of local frozen bakery producer Fancy Foods, it said in an EGX disclosure (pdf) yesterday. Edita signed an agreement to acquire the company last month in a transaction that gave Fancy Foods an enterprise value of EGP 380 mn. The acquisition marks Edita’s entry into the frozen bakery segment.

Fancy Foods: The company has two production lines for frozen pastries, bread, and desserts in Sixth of October.

Next steps:Edita plans to invest EGP 400 mn to expand the business over the coming year, the company’s IR head Menna Shams El Din told us previously.

Advisors: Zilla Capital provided financial advice to Edita while Matouk Bassiouny & Hennawy served as legal counsel.

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