Home Recent Articles Tamimi Markets Company Completes The Acquisition Of Al Raya

Tamimi Markets Company Completes The Acquisition Of Al Raya

0
Tamimi Markets Company announced the completion of its acquisition of 100% of Al Raya For Food Stuffs Company JSC, a portfolio company of Levant Capital and a leading supermarket chain operating along the western half of the Kingdom of Saudi Arabia.
Tamimi Markets Company announced the completion of its acquisition of 100% of Al Raya For Food Stuffs Company JSC, a portfolio company of Levant Capital and a leading supermarket chain operating along the western half of the Kingdom of Saudi Arabia.

Tamimi Markets Company announced the completion of its acquisition of 100% of Al Raya For Food Stuffs Company JSC, a portfolio company of Levant Capital and a leading supermarket chain operating along the western half of the Kingdom of Saudi Arabia.

Read also – Funding Wrap of the Week | Asian Startups Funding Roundup | Feb 11 – Feb 16

The transaction aligns with Tamimi Markets’ national growth strategy and further strengthens its position in the Western region of Saudi Arabia. By acquiring Al Raya, Tamimi looks to leverage the combined strengths of both companies while serving new customers in multiple markets.

Read also – NCB Capital Signs MOU with Mala’a Financial Technology Company

With an extensive presence across the western region of Saudi Arabia, Al Raya’s 51 supermarkets seamlessly complement Tamimi Markets’ geographic network. The acquisition solidifies Tamimi’s commitment to delivering exceptional services and products to its expanding customer base.

Read also – South Korea-based Simple Planet Secures $6M Pre-Series A Funding

Bobby Rajendran, CEO of Tamimi Markets, expressed his enthusiasm for the partnership, stating, “The Al Raya brand is renowned for its neighborhood convenience and fresh positioning, particularly with its outstanding bakery. We are eager to bring value and efficiency to the Al Raya brand while fostering its continuous growth.”

Read also – HiBob Acquires Payroll Platform Pento

Established in 1991 with its maiden store in Jeddah, Al Raya has grown into a leading regional supermarket chain, boasting 51 supermarkets spread across more than 20 cities in the Northwest, West, and Southwest of Saudi Arabia. In 2012, Levant Capital acquired a 75% stake in Al Raya and led the institutionalization of the Company and the development of its independent management team. Over Levant Capital’s investment period, the Company more than doubled its store footprint from 23 to 51 stores and increased its sales area 2.5 times.

Read also – IFC Invests in Tajikistan’s First Green Bond to Support Climate-Smart Projects, Build Resilience

Tamimi Markets vision is to be the best supermarket in the kingdom, with a focus on customer service, quality, freshness, variety and everyday low prices. Tamimi Markets offer a generous benefits package, annual bonuses based on performance, and a career path for advancement

Read also – Lava Network Secures $15 Million Seed Funding

In similar transactions, Levant Capital successfully exited its investment in Bayara Group to Savola Foods in 2021, and its investment in the leading Turkish childrenswear specialist retailer Panço Kids to Kuzu Group in 2022. anb capital acted as Tamimi’s sole financial advisor on this transaction and the Law Office of Mohanned bin Saud Al-Rasheed in Association with Baker Botts L.L.P. acted as its legal counsel. BNP Paribas acted as sole financial advisor to Al Raya and Eversheds Sutherland acted as legal advisor to the shareholders of Al Raya.

Read also – Mocaverse Partners with OKX Wallet, Crypto.com DeFi Wallet, and Halo Wallet to Expand the Moca ID Ecosystem

About Tamimi Markets

Tamimi Markets, a Saudi family supermarket business since 1979, now owns 109 stores. With the Tamimi family, the company is on an aggressive growth trajectory across the region. Tamimi Markets is one of the fastest-growing supermarket chains in Saudi Arabia.

Read also – East Ventures Welcomes Sang Han as New Partner for East Ventures South Korea fund

Exit mobile version