Greencorp succeeds in acquiring Imad Bakeries to produce Arabic pastries in the Gulf Cooperation Council countries
Green Corp has acquired Imad Bakeries, a company specializing in the production of Arabic bread and pastries, based in Jeddah, in a strategic move aimed at bolstering Green Corp’s platform for investment in the food sector within the Gulf Cooperation Council (GCC).
Imad Bakeries is considered the largest industrial bakery for producing fresh Arabic bread in western Saudi Arabia, relying on modern manufacturing facilities that enable it to expand its operations and expertise to new areas within the kingdom.
The acquisition of Imad Bakeries is a crucial part of Green Corp’s strategy to enhance its investments in the food sector, supported by Gulf Islamic Investments (GII), a leading Sharia-compliant investment company managing assets exceeding $4.5 billion.
Green Corp aims to invest in high-growth and demand-driven food companies that are scalable and sustainable in GCC countries, with the goal of establishing a comprehensive food platform that contributes to sustainable benefits for consumers and reduces reliance on food imports.
This strategic acquisition strengthens the investment in food manufacturing operations for Green Corp, aligning with the expansion witnessed by its subsidiary, Badia Farms, specialized in agriculture in controlled environments, in Saudi Arabia, the United Arab Emirates, and Bahrain.
Mohamed Al Hassan, Co-founder and CEO of Gulf Islamic Investments (GII), commented: “The acquisition of Imad Bakeries represents a significant step forward in our growth strategy in Saudi Arabia.
We are confident that Imad Bakeries’ heritage and commitment to quality will resonate widely with our customers across the kingdom.”
Bankaj Jobta, Co-founder and CEO of Gulf Islamic Investments (GII), added: “The inclusion of Imad Bakeries into Green Corp’s portfolio is a strategic step in line with our vision to establish a comprehensive food platform covering the food value chain and enhancing Gulf food security.
We aim for further acquisitions in Saudi Arabia, building Green Corp’s asset portfolio.”
RidgePoint Advisors acted as the sole financial advisor to Imad Bakeries, while both King & Spalding and AlAmmar Law Firm served as legal advisors.
