Food and beverage company Agthia has fully acquired BMB Group, a Dubai-headquartered healthy snacks and food outfit.
Launched in 2007, BMB has a portfolio of confectionery and healthy food brands – including Asateer, Al Qamar, Freakin’ Healthy and Benoit – and distributes goods to over 23 countries worldwide, including the UAE, Saudi Arabia, and US.
In the last year, BMB, which has two manufacturing facilities in Dubai, stretching over a combined total of 150,000 square feet, generated total revenues of around AED268 million ($72.9m).
The transaction will be for 100 percent of BMB and is expected to be fully funded by cash.
Alan Smith (pictured below), chief executive officer of Abu-Dhabi based Agthia Group, said: “This acquisition would enable Agthia to expand its presence and operations in the snacking vertical, further diversifying our extensive product portfolio and geographic reach.
“In addition to immediate access to new revenue streams and markets, we are excited by the prospect of exploring opportunities to fuel product innovation, such as the development of new healthy and specialist snacks in response to market trends.”
The global healthy snacks market is forecast to reach almost AED360 billion ($98bn) by 2025, according to Euromonitor.
Bilal Ballout and Mohamad Khachab, co-chief executive officers of BMB Group, said: “As a home grown UAE business, it gives us immense pride to partner with Agthia for the next phase of our growth, one in which we wish to serve our customers through increased product innovation, scale our business across the healthy foods segment, and continue to evolve into a truly global foods conglomerate.”
Agthia Group posted an 61 percent increase in year-on-year profits for the first half of 2021.
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