Qatar First Bank Acquired 49% Stake in Food Services Company
Published By : 22 Jan 2015 | Published By : QYRESEARCH
The acquisition has marked Qatar First Bank’s second investment in the Food and Beverages industry and the fourth in the Qatari market. The acquisition also demonstrates the dedication of Qatar First Bank to geographical and sectoral diversification.
Mr. Ahmad Meshari, the Acting CEO of QFB stated that from the beginning, their investment strategy aims on markets that are likely to get advantages from macroeconomic growth. The food and beverages industry in the Qatar is expected to keep up its historical growth, which is led by population growth and robust macroeconomic fundamentals. They look forward to work with FSC and helping them in applying their ambitious expansion plan.
The head of the private equity department of Qatar First Bank, Mr. Ihab Asali, stated that they are happy to partner with FSC, which has an established track record of development and innovation. They believe that FSC is well placed to take advantage of the future growth likely to take place.
FSC was set up in 1997 by Qais Al Saleh in Doha, and was one of the first founded food and beverages organization that exist today. FSC has experienced considerable growth since its inception, starting from one branch in 1997 to having a network of 16 branches as of 2014.
The founder, partner, and general manager of FSC, Mr. Mubarak Al Groon, stated that they are very proud of the historical development that FSC has been able to realize. In addition to this, FSC will leverage upon its dominating market position to roll-out new branches of its numerous brands all over the State of Qatar.
The exclusive sell side financial advisor to the deal was Deloitte.