LONDON, UK: Edita Food Industries SAE, a leading Egyptian snack food producer, has announced the acquisition of Fancy Foods S.A.E., a local manufacturer of wafer and chocolate products, for EGP 380 million.
The deal includes the purchase of the entire shares of Fancy Foods and the settlement of its debts to banks and shareholders.
The acquisition was approved by the Board of Directors of Edita in its meeting held on Monday, 29/5/2023, following a previous resolution in February 2023. The Board also authorized Eng. Hani Berzi, Chairman of the Board of Directors, and Mr. Sameh Mikhail, severally, to take all necessary measures to execute the deal and to sign any documents, contracts or agreements on behalf of the company.
The acquisition is expected to enhance Edita’s product portfolio and market share in the wafer and chocolate segments, as well as to create synergies and cost savings. Edita said it will leverage its distribution network and marketing capabilities to grow the sales of Fancy Foods’ products, which include brands such as Chico Chico and Bonny.
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