Egypt: Kellogg acquires Mass Food Group
Breakfast food maker Kellogg has announced that it has acquired Mass Food Group, Egypt’s leading cereal company, for approximately $50 million.
Founded in 1996, Mass Food Group has revenues of $18 million and makes local brands such as Temmy's cereals and NutriFit cereal bars. Mass Food Group also exports foods to more than 30 markets, including Europe, East Asia and Africa.
"As the number one cereal company in Egypt, Mass Food Group is an excellent strategic fit for Kellogg", said Kellogg Europe president Chris Hood. "The combination of Mass Food Group's manufacturing capabilities, established local brands, and sales and distribution infrastructure, coupled with Kellogg's product innovation, international sales knowledge, iconic brands and marketing expertise, will help unlock the growth potential of the cereal category in the key markets of Egypt and North Africa".
Tamer El Bahay, Vice President at Mass Food Group, added: “We can emerge stronger together with a combined portfolio of brands to excite our consumers. We know the dedicated people of Mass Food Group, who have helped make this company a success, will continue to grow and develop under Kellogg's leadership".
Source: Kellogg (via PR Newswire)