The joint venture primarily offers food and support services. Credit:suriyachan/Shutterstock.

ADNH Catering, a food and support services group in the United Arab Emirates (UAE) and Gulf Cooperation Council region, through its subsidiary, ADNH Catering, has signed a sale and purchase agreement (SPA) to acquire an additional 20% equity stake in its Saudi joint venture (JV) from Compass Group.

The transaction is subject to regulatory approvals and will be completed in Q1 2025, according to a press release posted on Zawya.

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The move will increase ADNH Catering’s stake from 30% to 50%, with the Al Rushaid Group holding the remaining share.

The SPA stipulates that upon completion, the JV will undergo rebranding.

ADNH Catering PLC, through its subsidiary ADNH Catering, has also signed a shareholder agreement with Al Rushaid Group.

ADNH Catering will manage the Saudi Joint Venture and have control over its operations. As a result, the financial position and operational results of the Saudi JV will be consolidated into ADNH Catering’s financial statements following the completion of the transaction.

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The company’s expansion in Saudi Arabia is central to its overall strategy.

The joint venture primarily offers food services and support services, with Riyadh’s dynamic market and the burgeoning private healthcare sector being particular areas of focus for growth.

ADNH Catering Group chief executive officer Clive Cowley said: “Today marks an important milestone for our business, maintaining momentum in the execution of our strategy as set out at the time of our IPO [initial public offering], which we successfully completed on 23 October 2024.

“With the increase of our equity share in our Saudi joint venture, we are seeking to build out from our market-leading position in the UAE to expand ADNH Catering Group’s operations across various business segments and provinces in the Kingdom, including Riyadh.

Since its inception in 2012, the Saudi JV has demonstrated strong business performance. Client numbers have risen 17% between September 2021 and September 2023.

Capitalising on this growth, ADNH Catering Group plans to apply its expertise and strong client base from the UAE to broaden its reach within Saudi Arabia, targeting various business sectors and regions, including Riyadh.