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Private equity firm Ezdehar Management has acquired a majority stake in snack manufacturer Kemet for Natural Food through its Ezdehar Mid-Cap Fund II, the firm said in a statement (pdf). The exact size of the stake and the value of the transaction were not disclosed.
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If you aren’t familiar with Kemet: The snack maker is behind two pretzel brands — Pretzo and Mixy. It was founded in Egypt in 1998 and now exports to a wide range of markets across Africa, Europe, Asia, and the Middle East.
What’s next for Kemet? Kemet plans to use Ezdehar’s backing to expand its product portfolio to offer a wider variety of snacks, boost production capacity, and accelerate international distribution to expand its global footprint.
The investor lineup: Ezdehar Mid-Cap Fund II is backed by the European Bank for Reconstruction and Development, the European Investment Bank, British International Investment, the Dutch Entrepreneurial Development Bank, the International Finance Corporation, the Egyptian-American Enterprise Fund, and the Belgian Investment Company for Developing Countries, alongside Egyptian banks and other investment institutions.
What they said: “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,” Managing Director Amir Mishriky said.
ICYMI- Ezdehar had plans to invest up to USD 100 mn in acquisitions this year, focusing on retail, food manufacturing, and technology. The firm allocated up to USD 30 mn for each investment.
IN OTHER M&A NEWS-
#1- The Financial Regulatory Authority (FRA) greenlit the country’s firstSPACacquisition, allowing Qardy and Catalyst Partners shareholders to swap their shares for those of Catalyst Partners’ SPAC Catalyst Partners Middle East (CPME), as part of a capital increase undertaken by CPME, according to an EGX disclosure (pdf). The share swap will be carried out based on exchange ratios set by an independent financial advisor, with CPME acquiring at least 51% of each company’s capital.
The breakdown: Qardy shareholders will be able to exchange each share in the company for 3.9 shares in the CPME, while Catalyst Partners shareholders will be able to swap each share for 32.9 shares in CPME. The period for shareholders to submit exchange requests ends today.
REMEMBER- Catalyst Partners Middle East became Egypt’s first SPAC after receiving the green light from the FRA in September 2024, before listing on the EGX two months later.
#2- International professional services provider Turner & Townsend acquired local construction consultancy company ValueMetric Consultants for an unspecified amount, according to a statement (pdf). The acquisition will help the company expand its quantity surveying and commercial advisory services to Egypt and strengthen its presence in the region.
ValueMetric Consultants Managing Director Ayman El Ghazzawi will lead the newly formed Turner & Townsend Egypt, a move that will see El Ghazzawi return to the company he had worked for 15 years ago in the UK. “In combining our deep expertise in cost management with the strength and capability of Turner & Townsend, we are ensuring that we continue to set the bar high for our clients and their project,” said El Ghazzawi.
