Back to the complete issue
Thursday, 9 January 2020

Ezdehar Fund acquires majority stake in Rich Food

M&A WATCH- Ezdehar acquires majority stake in Rich Food: Ezdehar’s Egypt Mid-Cap Fund has acquired a majority stake in the meat products and cold cuts company Rich Food, according to a statement (pdf). The value and size of the stake was not disclosed. Sources said the fund plans to purchase new equipment to increase the company’s production capacity, and open between seven and 10 new branches. Rich Food’s Amr Eltazy will remain on the company’s board, but will no longer be CEO. Amr Farrag has been tapped to succeed Eltazy as CEO.

Advisors: Ragy Soliman & Associates (Adsero) served as the legal advisor to the selling party alongside Moonstone Capital Partners who acted as the financial adviser. Al Tamimi & Company and the Dutch Van Campen Liem provided legal advice to Ezdehar.

CORRECTION – 11 January 2020

An earlier version of this story, which cited the local press, incorrectly said that Amr Eltazy would retain his position as CEO. The story has been updated with an official release and the correct information. 

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.