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Four food deals: how are food companies bought?

Four food deals, each built its own way: a conditional price, buying in stages, a minority stake, and a deal that did not complete.

By SFT●5 November 2026●The first brief
In this issueConditional price, Buying in stages, Minority stake and A deal that didn’t complete
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Hello,

Food companies change hands through deals that differ in price, payment method, stake size and deadline.

We read four real food deals to see how these companies are bought, and what that means for someone who receives an offer.

The number
The number427

economic concentration notifications reached the competition authority in 2025, up 35% on 2024, and 269 of them were cleared with a value of nearly SAR 2 trillion.

Source: General Authority for Competition, via Al Eqtisad (11 January 2026)
Main story · Deals and parties

Nofoth and Plenty Food: part of the price waits until 2027

Heard in the market“The price is paid in full at signing”

Nofoth Food Products bought 65% of Plenty Food:

How the deal unfolded
18 August 2026Agreement signed
September 2026Authority’s no-objection
6 October 2026Completion announced
2027Payment measured
Announced: 52.70 million for 65%+ up to 3.25 million conditionalOur estimate of the whole company’s value: about 81 millionThe second bar is our simplified calculation, not a disclosed valuation
↔ Swipe to see the full chart
Announced
SAR 52.70 million fixed for 65%, a conditional payment up to SAR 3.25 million, and the company’s net profit SAR 7.14 million in 2025.
Our reading
A simplified estimate of ours, assuming the price of 65% represents 65% of the company’s value, and before debt and cash: about 81 million, roughly 11 times its net profit. It is not a disclosed valuation of the company.
Sources: Nofoth disclosure on Tadawul via Argaam (19 August 2026), GAC non-objection via Jawlah (2 September 2026), and completion via Argaam (6 October 2026)
Evidence: a Tadawul disclosure
Valuation and multiples

SALIC and Olam Agri: buying in three stages

SALIC started with a stake in Olam Agri, then raised it:

SALIC’s stake
35.43%December 2022Company valued at $3.5 billion44.58%Completed in 2026Company valued at $4 billion19.99%After 3 yearsOption at 6% a year
↔ Swipe to see the full chart
Announced
The second stage valued the company 14% higher than the first, and at 3.47 times its book value.
Our reading
The agreed return makes the seller’s exit price known from now.
Sources: Olam announcement on the Singapore Exchange (24 February 2025), and Milling MEA (April 2026)
Evidence: the seller’s disclosure in Singapore
Acquisition motives

Sadia Halal: a minority stake to localise an industry

The Halal Products Development Company, owned by the Public Investment Fund, completed the Sadia Halal deal with Brazil’s MBRF:

Halal Products Development Company stake
20%Up to 40%10% in the first agreementCommitted minimumBefore listingSaudi ArabiaUAEQatarKuwaitOman
↔ Swipe to see the full chart
Announced
Sadia Halal was valued at USD 2.07 billion in the deal, about SAR 8 billion, and the Saudi company invests about USD 268 million in instalments until mid-2027 or the IPO, whichever comes first.
Our reading
The stated aim is for the Kingdom to become a hub for halal production, trade and supply chains, and the deal is a minority partnership with a global operator.
Sources: MBRF statement via AgFeed (14 April 2026), and Food Business MEA (6 May 2026)
Evidence: statement by the two parties
Deal stories

The Chefz: two buyers, and no deal closed

A Saudi dessert delivery platform that two buyers agreed to buy:

Four milestones
December 2021Authority blocks Delivery Hero
November 2022Jahez signs, SAR 650m
September 2023Approval with commitments
October 2023Deadline expires
Announced
The Authority blocked the first, and later cited competition concerns because Delivery Hero owns HungerStation, and its failure to cooperate in the review; the second lapsed on 31 October 2023 after two extensions, and The Chefz CEO said the approvals took too long.
Our reading
The agreement’s deadline is part of the deal, like the price.
Sources: Sabq (5 December 2021), Mondaq (7 October 2023), Jahez disclosures via Wamda (30 November 2022) and Argaam (1 November 2023), and The Chefz CEO via Argaam (27 November 2023)
Evidence: the Authority’s decisions and Jahez’s disclosures
Picks from deal news

Picks from deal news

Venezuela’s largest ice cream changes hands

Colombia’s Grupo Nutresa completed on 28 October the purchase of Tio Rico, which holds about 55% of the ice cream market there according to the Colombian press. The value was not announced, and is estimated at about $30 million.

Colombia One, 29 October 2026
Food testing labs consolidate

Mérieux NutriSciences completed the purchase of Certified Group, which runs 31 food testing labs in North America with revenue of about $300 million. The deal value was not announced.

Company statement via PR Newswire, 21 October 2026
Deals and economic concentration

Does your deal need the Authority’s approval?

In an acquisition, if the parties’ combined worldwide sales exceed SAR 200 million, the target’s worldwide sales exceed SAR 40 million, and the parties’ sales in the Kingdom exceed SAR 40 million with a contribution from the target, notify the Authority at least 90 days before completion.

Source: The fifth edition of the Economic Concentration Review Guidelines (8 April 2025), via Baker Botts (May 2025). This is a law firm’s reading, and we did not find the official text of the guidelines, so check it with the Authority before any decision.
Your question

Which food deal would you like us to read?

Send its name to editorial@saudifoodtech.sa, and we may dedicate an upcoming issue to it.

For further reading

Sources

  1. General Authority for Competition: 2025 statistics via Al Eqtisad (11 January 2026).
  2. Nofoth Food Products: Tadawul disclosure via Argaam (19 August 2026), GAC non-objection via Jawlah (2 September 2026), and completion via Argaam (6 October 2026).
  3. Olam: Singapore Exchange announcement (24 February 2025), and Milling MEA (April 2026).
  4. Sadia Halal: MBRF statement via AgFeed (14 April 2026), and Food Business MEA (6 May 2026).
  5. The Chefz: Sabq (5 December 2021), Mondaq on a GAC statement (7 October 2023), Wamda (30 November 2022), Argaam (1 November 2023), and Argaam (27 November 2023).
  6. Grupo Nutresa: Colombia One (29 October 2026).
  7. Mérieux NutriSciences: company statement via PR Newswire (21 October 2026).
  8. The fifth edition of the Economic Concentration Review Guidelines (8 April 2025), via Baker Botts (May 2025).
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