SAUDI ARABIA – Green Corp has successfully acquired Emad Bakeries, a Jeddah-based producer of Arabic bread and pastries in a move to strengthen its investments and portfolio in the Saudi food processing sector.
Incorporated in Bahrain in 2023 as a business creation platform, Green Corp was created by the Gulf Islamic Investments (GII) to initiate, manage and develop sustainable agricultural, aquaculture, food processing and production projects across the Gulf Co-operation Council (GCC) states.
In a statement, Green Corp said the integration of Emad Bakeries into the Green Corp portfolio signifies a step forward for its food production and processing investment platform.
The company revealed that the acquisition was backed by a US$150 million fund controlled by Gulf Islamic Investments (GII), a prominent Sharia-compliant alternative investment firm with over US$4.5 billion of assets under management (AUM).
This acquisition aligns with Green Corp’s mandate to create an integrated food platform across the food value chain, reducing food import dependency and ensuring sustainable benefits for consumers.
In addition, the strategic acquisition of Emad Bakeries boosts GreenCorp’s investments in food processing operations, adding to the recent expansion of its controlled environment agriculture company Badia Farms in Saudi Arabia, the UAE and Bahrain.
“The addition of Emad Bakeries brings fast-growing food production capabilities as a crucial component of the GreenCorp food-related investment platform,” the statement read.
Emad Bakeries operates the largest industrial fresh flatbread bakery in western Saudi Arabia, with state-of-the-art manufacturing facilities.
According to Emad, this additional investment empowers its plans to extend its operations and expertise into new parts of the Kingdom.
Commenting on the acquisition, Mohammed Alhassan, co-founder and co-CEO of GII, expressed confidence in Emad Bakeries’ heritage and commitment to quality, stating that it will resonate deeply with customers in Saudi Arabia.
Pankaj Gupta, fellow co-founder and co-CEO of GII, emphasized the strategic alignment of the acquisition with Green Corp’s vision of establishing a comprehensive GCC food investment platform.
“Adding Emad Bakeries to Green Corp’s managed portfolio is a strategic move that aligns perfectly our vision of establishing GreenCorp as a comprehensive GCC food investment platform, encompassing the entire nutritional value chain, and enhancing Gulf food security,” noted Pankaj.
He added that the group aim to make further acquisitions in the Kingdom, as they build “Green Corp’s asset portfolio”.
RidgePoint Advisors acted as sole financial advisor to Emad Bakeries, and King & Spalding alongside AlAmmar Law Firm acted as legal advisors.
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