Saudi private equity firm Jadwa Investment has acquired Dubai-based food and beverage operator Blackspoon Group, which operates “all day Lebanese diner” Allo Beirut among other restaurant chains in the region, Jadwa said in a statement yesterday.

What we know: The acquisition was executed by Jadwa’s food and beverage fund, which will now manage the UAE-based business, which has 10 branches and three brands, including its flagship Lebanese restaurant. It is Jadwa’s second acquisition in the consumer sector this year following its takeover of a 35% stake in Gissah Perfumes in August ahead of the fragrance company’s planned IPO.

Blackspoon has regional ambitions, aiming to grow across the GCC, including through the franchising of >30 new Allo Beirut locations in the next five years, with a primary focus on Saudi Arabia, according to the statement.

The investment thesis: Buying Blackspoon is “an extension of our strategy to capitalize on the increasingly attractive consumer sector across the GCC, which has begun to reap the fruits of transformational government initiatives, a young and growing population, and rising income levels,” Jadwa Investment CEO and Managing Director Tariq Al Sudairy said.

ABOUT JADWA- Jadwa has about USD 20 bn in assets under management across a range of asset classes including public and private equity, REITs, and private credit. It plans to invest USD 530 mn in private equity transactions and list three of its portfolio companies by 2025, its executives told Bloomberg last year.

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