Intro Group reportedly acquires 50% of TBS
M&A WATCH- The Abbas family’s Intro Group has reportedly bought 50% of the company that owns bakery TBS and the Four Fat Ladies chain, among other brands, by acquiring a stake held by HM Partners, Al Mal reports, citing unnamed sources. Al Mal’s sources say TBS’ capital is “valued at over EGP 50 mn,” but stopped short of suggesting a transaction value. HM Partners is controlled by Maher Maksoud and Hassan Heikal and owns discount supermarket chain Kazyon. EFG Hermes reportedly advised on the transaction, the newspaper adds, with Al Tamimi & Co providing legal counsel. Although it is not clear whether the firm was on the buy or sell side. In February, Al Mal had said TBS hired EFG Hermes to raise USD 30-40 mn to finance expansion plans. Earlier this month, Daily News Egypt cited unnamed sources in saying that an EGP 130-150 mn transaction involving TBS was in the works, but that Al Hokair and Edita had backed away from bids. TBS reportedly has plans to add 10 new branches nationwide this year.