EGYPT – Ezdehar Management, a private equity fund manager through its first fund, the Ezdehar Egypt Mid-Cap Fund has acquired an undisclosed stake in Rich Food Industries.

Rich Food Industries is a fast-growing manufacturer of convenience foods focused on the animal protein segment in Egypt.

With its innovative and high-quality product range, Rich Food has rapidly grown its market share since its establishment in 2009 and has a strong presence in modern grocery retailers.  

The Company offers a range of innovative products across the chilled and frozen meat segments including beef, poultry and turkey with its two brands, Rich and El Leheimy.

Through the partnership with Ezdehar, Rich Food plans to increase its production capacity and widen its reach across different distribution channels.

Commenting on the transaction, Amr El Tazy, founder of Rich Food, stated, “We believe this investment brings together Rich Food’s dynamic management team and Ezdehar’s financial and operational acumen to support the Company’s transformation into a market leader in the processed animal protein space”.

Emad Barsoum, Managing Director at Ezdehar Management said, “We have been impressed by Rich Food’s strong growth which has been built on management’s unique attention to customer needs as well as following best practice in food production and safety to continue developing the firm.”

“We look forward to partnering with Rich Food’s management in scaling the Company’s operations and institutionalizing its capabilities.”

Ahmed Farrag, the incoming CEO of Rich Food, added, “Rich Food is a great example of a modern customer-centric consumer goods business and I look forward to continuing the legacy of innovation and focus on quality as we grow the business to become a premier processed animal protein producer.”

With commitments of up to US$84 million, secured from international financial institutions in 2017, Ezdehar Egypt Mid-Cap Fund invests in medium-sized companies operating in high value-added sectors such as consumer goods, health, and education.

The fund’s investors include the European Bank for Reconstruction and Development “EBRD”, the European Investment Bank “EIB”, the Dutch Development Bank “FMO”, the Commonwealth Development Corporation “CDC Group”, and leading Egyptian businessmen and women.