- Acquisition to boost position in GCC’s growing pharmaceutical market
Kuwait, August 6, 2019 — Mezzan Holding one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare products in the Gulf, announced today that the successful acquisition of a 67% stake in Kuwait Saudi Pharmaceutical Industries Company KSCC (“KSPICO” or the “Target”), Kuwait’s only manufacturer of pharmaceutical products. The acquisition will grant Mezzan majority board seats and effective control of KSPICO and will enable Mezzan bolster its capabilities and offerings in the healthcare space, a vital and growing consumer segment.
Transaction highlights:
- Industry: Manufacturing of Pharmaceutical and healthcare products
- Buyer: Mezzan Holding
- Target: Kuwait Saudi Pharmaceutical Industries Co.
- Stake: c. 67%
- Value: KD21mn
Mezzan Holding Executive Vice Chairman, Mohammed Jassim Al Wazzan said, “KSPICO is one of Kuwait’s untold success stories. The company has a great track-record and a unique market position that complements Mezzan’s business. This acquisition will mark a turning point in our healthcare businesses, transforming it into a manufacturing and distribution business with a wide array of product lines, customers, and regulator certifications.”
Mezzan Chief Executive Officer, Garrett Walsh, added “this acquisition marks a significant addition to Mezzan’s core consumer driven healthcare business and expands its access to the local and regional consumer spending. In the coming few months, Mezzan will focus its efforts on further growing KSPICO’s market share locally and regionally, growing utilization of manufacturing and entering contract manufacturing as well as bring the Mezzan discipline and balance sheet management into KSPICO to help drive growth and profitability.”
The acquisition comes on the heels of Mezzan’s recent expansion into the health care space as it became the distributor of Medtronic’s and Covidein products in Kuwait through a joint venture.
(ENDS)