Nofoth plans to acquire 65% of Plenty Food for up to SAR 56M

Nofoth Food Products Co. signed a share purchase agreement (SPA) on Aug. 18 with the shareholders of Plenty Food Co. LLC to acquire a 65% stake in the company.

The deal involves a fixed consideration of SAR 52.70 million, plus a contingent consideration of up to SAR 3.25 million, bringing the maximum total to SAR 55.95 million, Nofoth saidn in a statement to Tadawul.

The contingent consideration is subject to Plenty Food achieving the financial targets specified under the agreement, based on its audited annual financial statements for 2027.

Nofoth said the transaction is part of its strategy to expand and diversify its portfolio in the food and beverage sector and acquire businesses complementary to its activities. Completion is subject to fulfilling the conditions precedent and obtaining the relevant regulatory approvals.

The agreement includes customary conditions precedent, representations, warranties, and undertakings for transactions of this nature.

Completion is also subject to obtaining approval from the General Authority for Competition (GAC) and any other required regulatory approvals.

Nofoth said the sellers are Abdulaziz Almatroodi, Muhannad Altirbaq, Othman Alsubaie, Abdullah Almudaifer, and Mohammed bin Abdullah Al-Salloum, in their capacity as shareholders of Plenty Food.

The cash consideration will be financed through its own resources, Nofoth noted.

Plenty Food operates in the food and beverage sector, focusing on developing and operating healthy food concepts and products. It owns several specialized brands, notably Plenty Salads and Katcha Deli.

Plenty Food generated revenue of SAR 52.46 million and net profit of SAR 7.14 million in 2025.

Plenty Food’s Revenue & Net Profit (SAR mln)

Nofoth expects the transaction to expand its portfolio of food brands and concepts, strengthen its presence in the healthy food segment, and capitalize on operational and commercial synergies between the two parties.

The financial impact is expected to reflect in the company’s financial statements following completion of the transaction and fulfillment of the relevant conditions and regulatory approvals.

The company stressed that signing the SPA does not constitute completion of the transaction, which remains subject to conditions.

Nofoth will announce completion of the transaction and any material developments in due course, in line with applicable regulatory requirements.

There are no related parties involved in the transaction, the statement noted.