Newly-formed private-label manufacturer Windoria is set to acquire Al-Fursan Al-Maghawear, a notable Saudi Arabian producer and distributor of sauces and condiments.
In a recent statement, Investindustrial, Windoria’s private-equity backer, confirmed that the deal, which involves an undisclosed sum, is expected to close by the end of October. This acquisition aligns with Windoria’s strategic growth plans.
Just two weeks ago, Investindustrial announced the merger of US private-label manufacturer Winland Foods and Italy’s La Doria, resulting in Windoria—a new entity boasting $4 billion in sales.
Al-Fursan specializes in sauces and condiments, particularly ketchup and vinegar. The company holds several brands including Baidar.
This condiment firm employs approximately 300 personnel and operates a manufacturing facility in Riyadh, complemented by a robust distribution network featuring six sales offices and seven warehouses across Saudi Arabia.
According to Investindustrial, this transaction will enable Windoria and Al-Fursan to leverage both “local and regional expertise,” facilitating “expansion and innovation to unlock the sector’s full potential in the Middle East.”
Earlier this year, the private-equity firm partnered with the Saudi Industrial Development Fund Investment Co. to establish a tangible presence in the Middle East market.
The Al-Fursan acquisition marks “the first-ever majority transaction in Saudi Arabia by a company backed by a European private equity firm,” according to the statement.
Andrea Bonomi, chairman of the industrial advisory board of Investindustrial, stated, “We are proud to announce the first acquisition in Saudi Arabia, in a sector where we have deep expertise, and which has significant opportunity for growth.”
“We expect private-label penetration to increase materially across the Middle East and Asia in the coming years, creating an exceptional opportunity to accelerate category development and capture untapped potential for Windoria, the global leader in the space.”
He continued, “The acquisition of Al-Fursan reflects Investindustrial’s commitment to transforming local champions into global leaders. Investindustrial remains focused on continuous improvement and driving innovation, to build the firm of the future.”
Winland Foods specializes in private-label and branded products for both foodservice and retail customers, while La Doria is known for producing private label tomato-based sauces, canned foods, and dried pasta. Prior to the Al-Fursan deal, these firms together operated 28 manufacturing plants and employed 5,000 individuals.
