{"id":547165,"date":"2022-06-12T04:10:59","date_gmt":"2022-06-12T04:10:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/"},"modified":"2022-06-12T04:10:59","modified_gmt":"2022-06-12T04:10:59","slug":"savola-closes-ole-bakery-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/","title":{"rendered":"Savola closes Ole bakery acquisition"},"content":{"rendered":"

<\/a> The Egyptian Belgian Company has new Saudi owners:<\/strong> Saudi food conglomerate Savola has signed an agreement to acquire 100% of the Egyptian Belgian Company \u2014 best known for its Ole-branded baked goods \u2014 for EGP 622.4 mn, its advisor, Al Ahly Pharos, said in a statement (pdf)<\/a> Thursday.<\/p>\n

Savola isn\u2019t new to our market:<\/strong> The company is behind popular local cooking oil, ghee, pasta, and sugar brands including Rawabi ghee, Afia oils, and El Maleka and Italiano pastas. Its products are sold across the region, including in the Gulf, Sudan, and Turkey. The company has been looking at acquiring more food companies in Egypt since last year<\/a>, saying at the time it would look at companies who produce items not covered by its existing portfolio.<\/p>\n

What\u2019s next<\/strong>: Savola plans to pour EGP 740 mn into the factory it acquired from Ole, which is set to reopen within six months, Savola Chief Strategy Officer Mohamed Badran was quoted as saying by Al Borsa<\/a>. Savola hopes to achieve sales from the factory of around EGP 2 bn annually, worth some 16% of the local baked goods\u2019 market, according to Badran.<\/p>\n

ADVISORS-<\/strong> Al Ahly Pharos acted as exclusive buy-side advisor to Savola on the transaction, while Zilla Capital was sell-side advisor. Zaki Hashem & Partners provided counsel to the buyer and Adsero was sell-side counsel. The National Bank of Egypt was the escrow agent for the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian Belgian Company has new Saudi owners: Saudi food conglomerate Savola has signed an agreement to acquire 100% of the Egyptian Belgian Company \u2014 best known for its Ole-branded baked goods \u2014 for EGP 622.4 mn, its advisor, Al Ahly Pharos, said in a statement (pdf) Thursday. Savola isn\u2019t new to our market: The […]<\/p>\n","protected":false},"author":1,"featured_media":547166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[299,813,2030,194,72,7128,1920],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-al-ahly-pharos","tag-delta-pharma","tag-egyptian-belgian-company-for-industrial-investments","tag-enterpriseam","tag-ma-watch","tag-savola-group","wpautop","entry"],"acf":{"mongo_id":"a7db77de-8131-4034-a751-9cfa05b11aaa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/228.jpg","photo_position":"above","related_issue":[547157],"teaser":"","voice_url":""},"yoast_head":"\nSavola closes Ole bakery acquisition - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savola closes Ole bakery acquisition\" \/>\n<meta property=\"og:description\" content=\"The Egyptian Belgian Company has new Saudi owners: Saudi food conglomerate Savola has signed an agreement to acquire 100% of the Egyptian Belgian Company \u2014 best known for its Ole-branded baked goods \u2014 for EGP 622.4 mn, its advisor, Al Ahly Pharos, said in a statement (pdf) Thursday. 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Pat yourselves on the back for making it through this week, which is going out with a bang with a rather busy Thursday afternoon news flow.THE BIG STORIES TODAY #1- Annual urban inflation accelerated to 13.5% in May, as rising global commodity prices and the recent\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564443,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/ma-and-an-ipo-in-the-works-for-speed-savola-looking-at-an-egypt-acquisition\/","url_meta":{"origin":547165,"position":3},"title":"M&A and an IPO in the works for Speed + Savola looking at an Egypt acquisition","author":"enterpriseam admin","date":"7 February 2021","format":false,"excerpt":"Speed Medical closing in on Al Safwa Hospital acquisition, says it will spin-off hospitals arm ahead of IPO: A consortium led by Speed Hospitals \u2014 a subsidiary of diagnostics and healthcare firm Speed Medical \u2014 is looking to acquire a 100% stake in Six of October\u2019s New Al Safwa Specialized\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581985,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/28\/edita-plans-to-acquire-100-of-a-mystery-company\/","url_meta":{"origin":547165,"position":4},"title":"Edita plans to acquire 100% of a mystery company","author":"enterpriseam admin","date":"28 February 2023","format":false,"excerpt":"Edita wants 100% of an unnamed local food firm: The board of EGX-listed Edita Food Industries has agreed to submit an offer to acquire 100% of an unnamed, unlisted company in the local food industry, it said in a bourse filing (pdf) yesterday. 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