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In more M&A news: Abu Dhabi-listed food and beverage firm Agthia expanded its service offering with a new acquisition of a UAE-based company in the water and food segment, while Abu Dhabi’s International Holding Company bought into an Indian snacks business.
Agthia acquires UAE-based bottled water firm + IHC buys into Haldiram: Food and beverage firm Agthia acquired 100% of UAE-based bottled water services firm Riviere for an undisclosed sum, according to a press release (pdf). The acquisition is expected to expand revenue growth for its water and food segment by 6.5%, and marks Agthia’s entry into the mainstream segment, supplying water to offices and homes in the UAE.
Who’s Riviere? The company serves customers across Abu Dhabi, Al Ain, Dubai, and Sharjah in the mainstream segment, and operates three bottling facilities in Abu Dhabi and Dubai and a fleet of over 160 delivery trucks.
#2- Indian snacks business Haldiram’s secured an investment from Abu Dhabi royal family-backed firm International Holding Company (IHC) as part of an ongoing equity financing round, the company said in a statement (pdf), where it also disclosed a new investment from New York-based Alpha Wave Global. The company reached a USD 10 bn valuation after Singapore’s state-owned fund Temasek acquired a c.10% stake in the firm earlier last week.
The company plans to expand in the Middle East and the US, while widening its footprint in India, using the funding, the statement said. The transaction is expected to close soon.
REFRESHER- Haldiram’s was part of a bidding war, which involved another Abu Dhabi investor: The Abu Dhabi Investment Authority was also reportedly eyeing Halidram’s as part of a consortium led by Blackstone and Singapore’s GIC, with talks at the time reportedly revolving around a 20% stake in Haldiram for USD 1.6 bn. The consortium was initially eyeing a 51% stake for USD 4.8 bn, valuing the company at USD 8.5 bn. Talks had stalled due to what Blackstone said were disagreements over Halidram’s valuation.
ADVISORS- PwC’s investment banking team acted as the financial adviser on the transaction.
