11 hours ago
Americana Restaurants confirms Cravia Inc. as acquisition target
Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa and Kazakhstan, has confirmed it is in talks to acquire Cravia Inc.
The development was reported last week, but wasn't confirmed by any involved parties at the time.
Cravia Inc. has been owned by Fajr Capital, a private equity company, since 2016. It has 78 outlets and more than 2,000 employees. In addition to Five Guys and Cinnabon, it operates or manages brands like Zaatar W Zeit, Seattle's Best Coffee and Carvel.
In a notification with Abu Dhabi Securities Exchange (ADX), where American Restaurants is listed alongside Saudi Tadawul, the company said: 'This is to notify you that the Company is holding preliminary discussions with Cravia (food and beverage franchise operators in the Middle East) for the purpose of acquiring stake(s) in the said target company.
'In compliance with the regulations pertaining to disclosure and transparency, the Company confirms disclosure of all substantive news and developments to the market immediately when available and without delay.'
Americana Restaurants has a portfolio that includes brands like KFC, Pizza Hut, Hardee's, Krispy Kreme, Wimpy and Costa Coffee.
Bloomberg reported last Friday, quoting sources close to the negotiations, that talks were at an early stage, and there was no certainty that a deal would be reached.
