Saudi Arabian Savola Group – through its subsidiary Savola Foods Company – has agreed to acquire Bayara, a manufacturer of nuts, dried fruits and spices, for $260 million.
Established in 1992 under the brand name Gyma, the company rebranded as Bayara in 2013.
Bayara specialises in the manufacture and distribution of healthy snacks including raw and roasted nuts, dates, seeds, dried fruits and confectionery; as well as cooking ingredients such as herbs, spices and pulses.
The privately held company says it processes around 23,000 tonnes of goods each year and operates out of the UAE and Saud Arabia.
Meanwhile, Savola Foods manages a broad consumer brand portfolio of household staples such as edible oil, sugar, pasta and ghee.
“This acquisition is a continued activation of Savola Foods Company’s announced strategy to enter attractive, value-added categories with increasing appeal within the food sector,” said Savola in a filing.
The transaction is subject to regulatory requirements and approval of the General Authority for Competition.
© FoodBev Media Ltd 2021
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