Camel Flour acquires struggling flour producer: Al Moatabar Group’s Camel Flour Mills (CFM) has acquired a majority stake in the distressed high-end flour producer Five Stars, it said in a statement (pdf) yesterday.

Five Stars has fallen on hard times: Described by CFM as formerly “one of the most successful milling operators in Egypt,” the company has faced financial difficulties in particular due to significant FX exposure.

CFM did not disclose the size and value of the transaction, but said the acquisition involved agreement on significant debt restructuring and settlement with major banks. The statement described the acquisition as one that offered “a successful closure and all-party-win for all the stakeholders.”

Reaping the benefits: The acquisition will increase CFM’s combined milling platform to a total capacity of more than 4.5k mt/day. Five Stars has an integrated facility in Suez and automated port-integrated grain loading and unloading facilities. The facility’s location is a primary hub for receiving and handling high quality Australian wheat and is an export hub to Africa.

Advisors: The transaction’s advisory team included Zulficar & Partners, EFG-Hermes, Ripples Impact, Moore Egypt and others.

VALU INVESTS IN E-COMMERCE PLATFORM-

EFG Hermes’ BNPL platform valU has invested in MENA e-commerce platform Hoods in a bid to tap into the fast-growing virtual shopping space, it said in a statement (pdf) yesterday. The company did not say how much it invested in Hoods or disclose whether it has acquired shares in the firm.

valU has had a busy 2022: The consumer finance player acquired fintech Kiwe last month and digital HR and in August bought payroll platform Paynas. It also entered the Saudi market with the purchase of a minority stake in local fintech player Fas Finance.

ALSO IN M&A-

Impact investor Catalyst Partners’ Catalyst Capital Egypt Fund wants to deploy EGP 100-120 mn this month, split between a pharma firm and an industrial development company, according to Al Mal.