Marka PJSC announced that it has acquired the restaurant chain Reem Al Bawadi in a deal valued at approximately AED 315 million.
The acquisition is being funded by a the company’s own funds and bank facilities, and is anticipated to have an immediate impact on Marka‘s bottom line financial performance. The sale is one of the largest food and beverage acquisitions in the United Arab Emirates relating to a home-grown hospitality brand.
Khaled Almheiri, Vice Chairman and Managing Director at Marka said, “Reem al Bawadi is a family-friendly restaurant renowned for its authentic Middle Eastern cuisine and superb hospitality. Over the last decade, it has become a landmark for Arabic food in the UAE and its recent expansion outside its home market into Saudi Arabia and Pakistan has proven the broad appeal of the brand.”
Ayman Abdel Jaber, CEO and Founder of Reem Al Bawadi said, “Since the first Reem al Bawadi restaurant opened in 2001, our genuine flavors and ambiance – suitable for families and special occasions – have made us well-known as a ‘home away from home’. As we have grown, we have maintained our commitment to our customers and to preserving this spirit. Marka is committed to nurturing and growing the brands that it operates, and we are delighted to bring the authentic Middle East cuisine and hospitality of Reem Al Bawadi into the Marka family of brands.”
Marka plans to embark upon an ambitious expansion program for Reem al Bawadi across the GCC, with new locations confirmed to open in 2015, including at least two new company-owned outlets in the UAE and up to five new franchised outlets in the wider region.
Almheiri further confirmed that Mr. Jaber will be joining Marka Hospitality in an advisory capacity, stating, “Mr. Jaber has taken Reem al Bawadi from concept stage to the successful and profitable brand it is today. He brings extensive industry experience that will benefit our food and beverage division and we look forward to working together to grow Marka Hospitality.”
The sale was arranged and coordinated by the advisory firm, PineTree Capital, advisor to Reem Al Bawadi.