Bahrain’s GFH to acquire Saudi food and logistics services company

Bahrain-based GFH Financial Group is acquiring Saudi food and services and logistics business GulfCentral Company, which has an enterprise value of SAR 500 mn, according to a press release (pdf). Enterprise Logistics reached out to a representative for more details about the transaction but did not receive a response ahead of dispatch time.

What’s next? GFH says it looks forward to working with the acquired company to grow its business, expand its portfolio, expand geographically, and enhance its warehousing and logistical capacity, GFH CIO of Private Equity Hammad Younas said. Gulf Central will leverage GFH’s technology and international network to invite its foreign suppliers to set up facilities in KSA and expand its existing customer base, Gulf Central CEO Shafqat Khan said.

About Gulf Central: The firm has a diverse base of 1k blue-chip customers including players in hotels, restaurants, catering, retail brands, and warehousing and supply chain operations, according to the press release. It also has relationships with some 200 international aggregators and producers.

About GFH: GFH’s businesses include investment management, commercial banking, and treasury and proprietary investments. It operates across the GCC, North Africa, India, the US, Europe, and the UK, according to the release. The acquisition is in line with GFH’s strategy to invest in priority sectors aligned with Saudi Vision 2030, GFH CEO Razi Al Merbati said in the release.