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Saudi Arabia’s private equity firm Jadwa Investment has acquired a 60% stake in Tikkaway Restaurants, a homegrown restaurant chain, for an undisclosed amount.
The acquisition was through its Jadwa Food and Beverage Opportunities Fund, the Riyadh-headquartered investment management and advisory firm said on Wednesday on its website. It has client assets of more than $20 billion in public equity, private equity, real estate, private credit, fixed income, and money market investments.
This is the firm's second acquisition within the restaurants sector, after fully acquiring the UAE-based Blackspoon Group, which operates restaurant chains, including Allo Beirut, in 2023 for an undisclosed figure.
Elie El-Khoury, Head of Private Equity at Jadwa Investment said: "We believe the company presents a compelling investment opportunity owing to its significant value creation potential. This aligns with the Jadwa Food and Beverage Opportunities Fund's strategy of consolidating attractive F&B concepts into a leading high-growth, cost-efficient platform.”
Tikkaway Restaurants, with 20 branches in the kingdom, plans to expand to over 40 branches within the next 24 months.
(Reporting by Brinda Darasha; editing by Anoop Menon)
