EFG Hermes Concludes Advisory on Cenomi Retail’s Sale of a Portfolio of Fashion Brands to Abdullah Al-Othaim Fashion
تاريخ النشر: 18th, March 2024 GMT
EFG Hermes، an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that it concluded advisory on a merger and acquisition (M&A) deal for Cenomi Retail، the largest franchise retailer in the Kingdom of Saudi Arabia. The retail giant has agreed to sell a select portfolio of brands to Abdullah Al-Othaim Fashion Company، a fully owned subsidiary of Abdullah Al-Othaim Investment Company.
As part of the agreement، Cenomi Retail had reached a definitive share purchase agreement with Abdullah Al-Othaim Fashion Company for the acquisition of 100% of the share capital of Innovative Outfit Trading Company، a Cenomi Retail subsidiary holding the franchise rights for the 16 brands involved in the deal in December 2023، which closed in February 2024 after obtaining the required approvals and completing the agreed-upon commercial and regulatory conditions.
Abdullah Silsilah، Director، Investment Banking at EFG Hermes، said، “We are immensely proud to have played a pivotal role in seamless execution of this transaction. Marking our second transaction in the Kingdom’s retail space in 2024، this not only perfectly aligns with our strategic objectives of bolstering our footprint in Saudi Arabia، but also underscores our commitment to showcasing the nation's vast potential across various sectors.”
This transaction is a significant milestone in Cenomi Retail’s ongoing transformation program، aligning with its strategy to focus on Champion brands within the Fashion، Electronics، and Food & Beverage categories.
EFG Hermes acted as the sell-side advisor to Cenomi Retail on the transaction، while the legal advisor was Clyde & Co. The legal advisor for Al Othaim was Latham & Watkins.
المصدر: بوابة الفجر
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