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Cases & Deals

April 5, 2024

King & Spalding advises the shareholders of Emad Bakeries on the sale of the company to GreenCorp

King & Spalding has represented the shareholders of Emad Bakeries, a prominent Jeddah-based producer of Arabic bread and pastries, on the sale of their entire stake in the company to GreenCorp, in a strategic move aimed at strengthening GreenCorp’s food-focused investment platform within the GCC.

Emad Bakeries was founded in 1984 and is an industrial bakery focusing on the production of fresh Arabic breads. Emad Bakeries operates the largest industrial fresh flatbread bakery in western Saudi Arabia, with state-of-the-art manufacturing facilities. The company serves a wide customer base including hotels, restaurants, caterers and retailers. This acquisition is intended to allow Emad Bakeries to expand its operations in Saudi Arabia.

GreenCorp is backed by a $150 million fund controlled by its ultimate owner Gulf Islamic Investments Group (GII) which is a leading Shariah-compliant alternative investment firm. RidgePoint Advisors acted as financial advisor to the shareholders of Emad Bakeries.

A team of lawyers from King & Spalding’s Dubai, Riyadh and London offices advised the shareholders of Emad Bakeries on the matter. The team was led by Nabil A. Issa and Mohammed Basama, and included Daniel Friel, Michael Langan and Husni Al-Far.