FEP Capital closes 2 food sector acquisition deals valued at EGP40mn

(Daily News) FEP Capital continued executing its expansion plan in the Egyptian market through two acquisitions through its subsidiary Engazat Misr, valued at EGP 40m.

Engazat Misr, specialised in F&B small and medium-sized investments, acquired 55% of the shares of Suez Canal Trade and Agriculture Development, which was established in 1981 and controls close to 10% of the seeds market.

Engazat Misr aims to develop the business of the Suez Canal Company for Commercial and Agricultural Development, and to expand in the field of seed production to meet the needs of the Egyptian market and create export opportunities to African and Arab markets.

FEP Capital also acquired, through Engazat Misr, 54.2% of NOG Investment Company, which specialises in investing in restaurants and cafes.

NOG has six investments in the restaurants sector, to become eight directly after partnership with the Engazat Misr.

Engazat Misr aims to develop the business size of NOG, raise its market share in the restaurants and cafes sector, and meet the company’s plans to expand in the Arab world.

FEP Capital CEO, Omar El Maghawry, said these acquisitions are within the company’s strategic plan to expand in the food sector, which has enormous growth opportunities in the Egyptian market due to its huge consumer base.

Emad Al-Qahtani, Chairman of Engazat Misr, also said the company’s investment policy under the management of FEP Capital aims to expand strongly in food sector investments in Egypt, particularly in small and medium-sized companies operating in this sector.

He added that they aim to develop these companies and their businesses and create additional jobs.