Saudi Arabia’s private equity firm Jadwa Investment has fully acquired the UAE-based Blackspoon Group, which operates restaurant chains, including Allo Beirut.

The transaction marks the firm’s 16th private equity investment since inception, according to a statement on Monday. It is also the second acquisition in the consumer sector in 2023, following Jadwa’s investment in Gissah Perfumes.

The investment is through the Jadwa Food & Beverage Opportunities Fund. However, the firm did not disclose the value of the acquisition. 

Blackspoon is a casual dining player with six restaurant brands in the UAE, including its flagship, Allo Beirut.

The company recently announced expansion plans across the Gulf Cooperation Council (GCC) region, which include franchising more than 30 new Allo Beirut locations across the Gulf over the next five years, with a primary focus on the Saudi market.

“This investment is an extension of our strategy to capitalise on the increasingly attractive consumer sector across the GCC,” said Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment.

(Writing by Cleofe Maceda; editing by Brinda Darasha)