Abraaj picks up stake in Moroccan chocolate maker Kool Food
Abraaj Group of Dubai announced that it has purchased an stake in Kool Food, a Moroccan firms that makes chocolate, according to MENA FN. The financial terms of the stake buy were not disclosed in the said report.
One of The Abraaj Group's partners said of the Moroccan firm: "Kool Food is well-positioned in the Middle East and North Africa region as a successful local producer of quality chocolate confectionery products affordable to the region's burgeoning consumer classes."
Abraaj explained that it will capitalize on its expertise in investment and strong connections in the MENA area to consolidate Kool Food's top ranking in the Moroccan market. The Dubai-based firm will also help Kool Food launch its international distribution plans, the report detailed.
In addition, the Abraaj Group wants to expand the product portfolio of Kool Food. It will be adding new products in the next couple of terms, MENA FM reported.