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UAE-based food and beverage company Agthia Group has agreed to acquire a majority stake in Egyptian processed meat producer and owner of the Atyab brand, Ismailia Investments.

Under the terms of the agreement, Agthia will acquire a 75.02% share of the company, while founder and Atyab leader Attito Raslan will retain a stake.

Ismailia Investments focuses on the frozen processed chicken and beef sectors and its portfolio consists of four brands: Atyab, Meatland, Shiketita and Furat. Following completion of the acquisition, the brands will join Agthia’s existing Egyptian operations.

With a 60,000 square-metre facility, Ismailia Investments has a processing capacity of around 70,000 tons per year. It has more than 2,500 employees and 11 distribution centres across Egypt.

In 2020, the company achieved revenues of AED 424 million ($115.5 approx.) and recorded revenue growth of around 28% between 2016 and 2020.

The deal will enable Agthia to expand its position in the growing processed protein sector, which builds on its acquisition of Jordan’s Nabil Foods.

“This acquisition is a continuation of our strategy to position Agthia as the leading FMCG player in the MENA region. Egypt is a key growth market for Agthia, and Atyab operates in a sector that is fast-growing and attractive,” said Khalifa Sultan Al Suwaidi, chairman of Agthia Group.

Attito Raslan, chairman and CEO of Atyab, said: “We are delighted at the prospect of becoming part of Agthia and see this acquisition as a great opportunity to further accelerate our growth, strengthen our leadership position in Egypt and expand our reach into new markets. This acquisition would also further cement the strategic partnership between the UAE and Egypt.”

The deal is subject to customary closing conditions and regulatory approval.