RIYADH: Agthia Group, an Abu Dhabi-based food and beverage company, has received its board’s approval to acquire 60 percent of Egyptian coffee maker Auf Group as it expands its footprint in the north African country.
Auf Group’s founders will retain a combined stake of 30 percent in the business and continue to lead the company with the full backing of Agthia’s regional footprint and operational support, according to a statement.
“As part of our strategy to stimulate growth and enhance our operations, we are focused on expanding Agthia’s footprint in the MENAP region,” Chairman Khalifa Sultan Al Suwaidi said.
“The acquisition of Auf Group is a compelling opportunity to bolster our delivery of this commitment while further penetrating one of the region’s fastest-growing consumer markets,” he added.
Established in 2010, Auf Group is an Egyptian healthy snack and coffee company operating under the Abu Auf master brand, with a direct-to-consumer channel.
Last year, Agthia also acquired Egypt’s meat producer Atyab as it seeks to expand in the country’s consumer packaged goods industry.