Kuwait-based Mezzan Holding, one of the largest manufacturers and distributors of food, beverage and healthcare products in the Gulf, on Tuesday acquired 67 percent stake in Kuwait Saudi Pharmaceutical Industries Company (KSPICo) for $69 million (KD21 million).
Mezzan now holds majority of the board seats in KSPICo. which will enable it to scale the capabilities and healthcare offerings.
Statements enclosing the acquisition
“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.”
“Upon completion, this acquisition will mark a turning point in our healthcare businesses, transforming it overnight from a distribution-based business into a manufacturing and distribution business with a wide array of product lines, customers, and regulator certifications.”
“The company has a seasoned-management that we look forward to not only working with to grow current business, but also to expand it into new value added production lines, contract manufacturing with renowned international producers and investment in research & development”.
– Mohammed Jassim Al Wazzan – Executive Vice-Chairman, Mezzan Holding
“Mezzan will focus its efforts on further growing KSPICo’s market share locally and regionally, growing utilisation of manufacturing and improve product mix to help drive growth and profitability.”
– Garrett Walsh – CEO, Mezzan
ⓘ Image credits: Gulfnews.com