Mezzan Holding, manufacturers and distributors of food, beverage, FMCG and healthcare products in the Gulf, has acquired a 67 per cent stake in Kuwait Saudi Pharmaceutical Industries Company KSCC (KSPICO), Kuwait’s only manufacturer of pharmaceutical products
The acquisition will grant Mezzan majority Board seats and effective control of KSPICO and will enable Mezzan to bolster its capabilities and offerings in the healthcare space, a vital and growing consumer segment.
The deal was worth US$69mn, Mezzan Holding said in a statement.
Mohammed Jassim Al Wazzan, Mezzan Holding executive vice chairman, 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. 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 regulatory certifications.”
“The company has a seasoned-management that we look forward to not only working with to grow the current business but also to expand it into new value-added production lines, contract manufacturing with renowned international producers and investment in research and development,” he added.
Garrett Walsh, Mezzan CEO, commented, “This acquisition marks a significant addition to Mezzan’s core consumer-driven business and expanding its access to the local and regional consumer spending. 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.”
