Kuwaiti Americana sale halted
14 Jan 2015
(MENAFN) The sale of Americana, the Kuwaiti food company and the operator of franchises for restaurant chains including KFC and Pizza Hut, seems to be close to being put on hold, partly due to differences on price for the company that has a market value of USD3.84 billion, Arabian Business reported.
Private equity funds KKR and CVC were among the main contenders for the business in a lengthy bidding process that also attracted interest from Saudi food producer Savola Group among others.
However, it seems that the sale is faltering because offers have so far failed to meet price expectations and buyers have struggled to reach agreement with the al-Kharafi family, which is the primary shareholder in the company.
The Kharafi family own 66.8 percent of Kuwait Food Company, through the private investment company MAK (Mohammed Abdulmohsin al-Kharafi & Sons), while selling goods under the brand name Americana.