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.