Bahrain-based financial institution Investcorp has acquired a minority stake in Saudi Arabia’s Bindawood Holding, which controls Bindawood and Danube supermarket chains in the Kingdom.
The Bindawood Group manages around 40 supermarkets and hypermarkets in the Kingdom, with Bindawood focusing on mid-market customers and Danube targeting more affluent consumers.
Investcorp’s investment will allow the company to pursue an aggressive expansion plan targeting opening over 30 new stores in the coming years.
It is Investcorp’s sixth investment in Saudi Arabia, reputedly surpassing the value it paid for jewellery company L’Azurde that was previously the investment firm’s biggest Middle Eastern deal.
According to Abdul Razzaq Bindawood, chairman of the board of Bindawood Holding, the transaction will help the firm structure its expansion as well as provide experience in institutionalising the company.
The deal signifies the investor appetite for Saudi Arabian retail names, as the young Saudi population with surplus disposable income ensures the sector retains its allure despite concerns over the impact of lower oil prices on the Saudi economy.
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When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
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