Fresh out the oven: Almarai’s deal to buy the totality of Bakemart’s business operations in the UAE and Bahrain for AED 93.5m (about $25.5m). The agreement was fully financed from existing cash flow (looks like someone has deep pockets!) and we’ll be able to see its financial impact in Almirai’s next earnings reports.
As many of us know, Bakemart makes delicious bread and pastries for lots of hungry individuals and retail businesses in the region. So, it was an ideal acquisition target for Almarai, Saudi Arabia’s F&B giant, which was looking to expand into the baked goods industry.