KAZYON
6.2.2024 06:01:28 CET | Business Wire | Press release
Kazyon Limited, the UK parent company of Kazyon, today completed the acquisition of 50% of the equity share capital of Dukan for SAR 250m, expanding its operations into Saudi Arabia, the largest grocery retail market in the region at c.USD 40bn of annual turnover.
Founded in 2013 and operating over 100 stores, Dukan is the sole grocery discount retailer in Saudi Arabia. The acquisition was structured via a capital increase, allowing invested capital to be used to accelerate Dukan’s store rollout. With modern trade channel penetration of only c.50%, the Saudi Arabian market presents ample room for growth. The discounter approach to market is to disrupt conventional modern trade operational patterns, while also gaining market share from traditional trade.
Since its founding in 2014 by Hassan Heikal, Kazyon has been committed to providing increased access of affordable products to underserved markets. The company has experienced rapid growth and is now the leading discount grocery retailer across the Arab world and Africa with over 1,000 stores. Kazyon aims to be a top three player in Saudi Arabia and Morocco after becoming the largest grocery retailer in Egypt. Kazyon is expected to have a network of over 5,000 stores in the next five years across Saudi Arabia, Egypt and Morocco. Kazyon will be supported by its proprietary end-to-end logistics capabilities that fully integrate its distribution centres, fleet of transport vehicles and stores.
Alongside Mr Heikal, Kazyon Limited is owned by a leading global sovereign wealth fund, major DFIs, blue-chip emerging markets private equity platforms (including Development Partners International, FIM Capital and Sango Capital) and regional family offices, among others.
The investment in Dukan is in-line with Kazyon’s expansion plans and will provide for a more diversified regional platform. Further, significant synergies are expected to be realised, including across supplier purchase agreements and sharing of best practices, among others.
Hassan Heikal, Chairman and Founder of Kazyon said: “This acquisition marks an important milestone for Kazyon as it accelerates its growth and expands into Saudi Arabia, one of the most attractive grocery retail markets in the region. We are excited by the prospects for the business in the Kingdom. The transaction was funded by introducing to the capital structure of Kazyon a global sovereign wealth fund as we solidify our position as a leading grocery retailer in the region.”
Kazyon was advised by Evercore Partners, EFG-Hermes, White & Case and PWC.
ENDS
About Kazyon
Founded in 2014 by Hassan Heikal, Kazyon is the largest discount retailer in the Arab world and Africa currently operating over 1,000 stores and employing more than 7,000 colleagues. Kazyon has been steadily increasing its store footprint in recent years, supported by its proprietary end-to-end logistics capabilities that fully integrate its distribution centres, fleet of transport vehicles and stores.
Kazyon provides millions of customers access to affordable, high-quality products, delivered through a network of consistent, recognizable neighbourhood stores and currently has one of the largest loyalty schemes in the Arab world and Africa.
Alongside its founder Heikal Hassan, Kazyon is backed by an investor base including Development Partners International, FIM Capital, Sango Capital, South Suez Capital, British International Investment, a global sovereign wealth fund and regional investment offices, among others.
About Dukan
Founded in 2013, Dukan is the sole grocery discount retailer in Saudi Arabia. Dukan currently operates over 100 stores across three cities located in the Makkah province, employing more than 500 colleagues. Dukan offers a full range of basic groceries and a differentiated assortment of private-label products at discounted prices, currently serving over 50,000 customers daily.
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