Riyadh-based MEFIC Capital, which acts as fund manager for the MEFIC Private Equity Food & Beverage Opportunities Fund, has acquired a minority stake in Ghatha’a Al Sultan For Fast Foods Co. (Sultan Burger), it said in a statement.
No details were disclosed on the size or the value of the stake.
The acquisition comes in line with MEFIC Capital's strategy of investing in Saudi SMEs with a strong track record and solid growth potential.
The firm bought a stake in the Saudi gym chain Bodymasters in 2012, and is currently working on some investment opportunities in both equity and mezzanine financing within the Saudi SME sector, the statement said.
Aref Musbahi, founding shareholder and CEO of Sultan Burger, said the deal would double the size of the business over the next two years.
Sultan Burger is a fast food restaurant chain with branches in Saudi Arabia’s Western and Southern Provinces. It was established in 2004 by the Al Musbahi family, and has a total of 22 restaurants in Jeddah, Makkah, Rabigh and Jazan.
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