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Alan Smith was appointed CEO of Agthia Group in July 2020 | Photo credit: Agthia Group
Agthia Group has finalised its acquisition of a 60% stake in Egyptian coffee and food retailer Auf Group.
The Abu Dhabi-based food and beverage company said the agreement will enhance its presence in Egypt, a key growth market for the brand, and strengthen its position as a leading regional consumer packaged goods (CPG) company.
The reported E£2.92bn ($118m) deal was first announced in July 2022.
“This is an important acquisition for Agthia that further expands our footprint in the snacking and healthy food verticals. We look forward to integrating Auf Group as part of Agthia while monetising synergies and growth opportunities. We are also excited to expand our presence in Egypt and look forward to working closely with the Auf Group team to bolster their strengths and capabilities,” said Alan Smith, CEO, Agthia Group.
Agthia Group currently operates 19 brands across bottled water, snacking and grocery businesses.
Auf Group’s founders retain a 30% stake in the company and will continue to lead the business. Auf Group manufactures and retails packaged coffee under the Abu Auf brand and also distributes nuts, healthy snacks and other confectionery products across Egypt.
“This transaction represents a significant milestone in Auf Group’s history, and we look forward to working alongside the Agthia team to build on our success to date. Our focus remains on maintaining our unique position in the Egyptian snacking market while expanding our reach and footprint,” said Ahmed Auf, CEO, Auf Group.
The acquisition will also enable Auf Group to expand its footprint across the UAE. The company recently opened four new stores in key retail locations across the country, including a flagship store in the newly opened Dubai Hills Mall.