PRESSR: Tamimi Markets Company fully acquires Al Raya Food Company.
Dammam, Kingdom of Saudi Arabia: Tamimi Markets Company (“Tamimi”), one of the leading consumer goods and retail chains in the Kingdom, announced today the completion of its acquisition of a 100% stake in Al Raya Foods Company (“Al Raya” or the Company), a Levant Capital investment company that operates a leading supermarket chain on the West Coast, after obtaining official approvals from the relevant authorities.
This move reinforces Tamimi Markets' commitment to providing exceptional services and products to its growing customer base. The Al Raya brand operates 51 stores with a wide presence in the Western Region. This will enable Tamimi Markets to accelerate the company's national growth strategy and strengthen its position in the Western Region of Saudi Arabia. Tamimi Markets looks forward to leveraging the combined strengths of both companies to expand its operations, business, and customer base across multiple markets.
On this occasion, Bobby Rajendran, CEO of Tamimi Markets, expressed his pride and anticipation for this partnership, commenting: “The Al Raya brand is known for being a multi-purpose store serving residential neighborhoods and focusing on fresh products, especially its integrated bakery.” He added: “This aligns with the company’s expansion strategy in the Western Region and the company’s clear vision to enhance its geographical reach. We are keen to bring value and efficiency to the Al Raya brand while fostering its continued growth.”
Al Raya Food Company was established in 1991 with the opening of its first store in Jeddah. It has continued to grow into a leading regional supermarket chain with over 51 stores spread across more than 20 cities in the Western, Northwest, and Southwest regions of Saudi Arabia. In 2012, Levant Capital acquired a 75% stake in Al Raya and led the company's restructuring and development of its independent management team. During Levant Capital's investment, the company doubled its store size from 23 to 51 and increased its sales area by 2.5 times.
Tamimi Markets is a Saudi family-owned supermarket company founded in 1979. With a portfolio of over 111 stores, it has an ambitious strategy to grow its operations and expand geographically.
Levant Capital is an independent financial services firm focused on investing in private companies. Levant Capital has extensive experience investing in the consumer sector. In similar exits, Levant Capital successfully exited its investment in Bayara Group to Savola Group in 2021, and its investment in the leading Turkish children's clothing retailer, Pancho, to Kozo Group in 2022.
It is noteworthy that Al-Arabi Financial Company provided financial advisory services to Tamimi Markets Company, while BNP Paribas Bank provided financial advisory services to Al Raya Food Company in relation to this acquisition. The Muhannad Bin Saud Al-Rasheed Law Office, in cooperation with Baker Botts LLC, acted as legal advisor to Tamimi Markets Company, and Eversheds Sutherland Law Office represented Al Raya Food Company’s partners in the agreed transaction.
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