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It’s a big day for startup exits: Two homegrown startups were acquisition targets this week — one snapped up by another local firm and another by a US-based firm.
#1- UAE-based food and beverage group Epik foods acquired 100% of F&B outfit Sauce Capital, adding 15 more brands including Egg Bun, Sliced Pizza, Buwagyu, and Chic Flic to its portfolio, which now comprises a total of 75 brands, according to a press release. There’s no publicly available information about the size of the transaction.
The rationale: This will help Epik Foods cement its market share in Saudi Arabia and Abu Dhabi, “areas where Sauce Capital has already established a significant foothold,” the statement reads. Sauce Capital’s founding team will stay on board after the acquisition to lead the company, the statement said.
Background: Last year, Epik Foods secured USD 15.5 mn in private capital funding, from private credit firm Ruya Partners to fund acquisitions, following its Riyadh launch. The company acquired Dubai-based deli 1762 last month as part of its plans to add 20 more locations to its existing 50 strong location footprint, operating over 60 brands.
#2- Global circular economy firm Basatne acquired homegrown re-commerce platform Cartlow in a bid to strengthen its foothold in the region, according to a statement. There’s no publicly available information about the size of the transaction.
What Cartlow had to offer: Cartlow recirculated 1 mn devices, preventing 100k metric tons of carbon dioxide — equal to removing 21k cars from the road for a year — and generating AED 500 mn in sustainable commerce value. “Cartlow’s cutting-edge solutions, now under Basatne Group, will accelerate the adoption of circularity and drive the development of a mature, scalable, and globally integrated ecosystem,” the statement said.
Meanwhile, Basatne operates a refurbishing facility in the UAE, which it said offers the region’s first AI and robotics-driven solution for data wiping and diagnostics, according to Basatne Founder and CEO Ammar Aboulnasr said.
