04 September 2016
UAE - based Investment firm Food Capital and its co-Investors acquired a significant stake in Saudi Arabia ICE CREAM DANA group.

ICE CREAM DANA Group owns 20 Stores under four brands in Saudi which are (Yummy Yogurt, Bun & Patty, PIMNETO, Maltoot) in Saudi Arabia.

Abdullah Abdulhameed Al-Sunaid, Food Capital Chief Executive officer said:" We are excited about our investment in ICE CREAM DANA at such an important stage in the company's growth strategy, and look forward to expanding the business across the Kindgom. We are assured that ICE CREAM DANA will continue to deliver great results under the leadership of its current CEO Abdulaziz Albarrak.

Mohammed AbdulMohsen Al-Rashed , Food Capital Chairman Said :" Our acquisition of a significant stake in ICE CREAM DANA group is part of Food Capital's Strategic plan to penetrate the Food and Beverage sector which is one of  the fastest growing sectors in Saudi Arabia "

Abdulaziz Saleh Albarrak, Owner of ICE CREAM DANA Said: "This partnership with Food Capital is a significant strategic development for our group as it will fast-track our expansion. We are very proud of our accomplishments and success over the past years, and we look forward to continue our progress.

ICE CREAM DANA plans to open 27 additional outlets under its existing brands (Yummy Yogurt, Bun & Patty, and PIMENTO) in the Kingdom within the next 3 years, to achieve our anticipated target of 40-50 company owned and operated outlets by 2019.

Food Capital had appointed The Law Firm of Salah Al-Hejailan in association with Freshfields Bruckhaus Deringer as the Legal Advisor, and PwC for Financial Due Diligence.

About Food Capital:
Food Capital was founded in early 2016 by Abdullah Abdulhameed AlSunaid & Hisham Abdulmohsen Al-Rashed , with 3 other founding partners Saad Khaled AlMoajil , Faris Mohammed AlThenayan , Khalid Ahmed AlBassam  .  Food Capital plans to invest in the Food and Beverage sector targeting mid-sized companies in the Middle East and North Africa region, with a primary focus on Saudi Arabia.

© Press Release 2016