It turns out Tanmiya Capital Ventures has a sweet tooth: Egypt’s Competition Authority approved a filing by Tanmiya Capital Ventures (TCV) to acquire a 20.9% stake in El Abd for Investment, Manufacturing, and Sweet Trading, according to a statement from the Egyptian Competition Authority. We’re yet to find out how much TCV will put forward for the stake in the local confectionery company.

What’s the money for? "The investment is going all into a capital increase to fuel the company’s growth in opening new branches and finishing its new facility,” TCV Managing Partner Mohamed Mahgoub told EnterpriseAM

But don’t expect any radical leadership changes ahead: ”The family is not selling and will continue managing the business,” Mahgoub clarified.

What’s next? The acquisition will reach a close within two months,according to Mahgoub.

Tanmiya is no stranger to the country’s F&B sector: Alongside its 10% stake in local foodcompanyAuf Group — the company behind Abu Auf — Tanmiya also has stakes in local food players Mifad and Plant Form. Tanmiya’s TCV II fund has also pointed to F&B companies as among its main targets and leading figures from the firm have often spoken about their appetite for more local F&B acquisitions.

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