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Riyadh, 18 December 2023: Jadwa Investment, a leading investment management and advisory firm in the Middle East, announced today its latest private equity investment in the F&B sector with the acquisition of Blackspoon Group (“Blackspoon” or the “Group”).

Through its Jadwa Food & Beverage Opportunities Fund, Jadwa Investment acquired 100% of Blackspoon Group, a leading casual dining player with 10 branches across three award-winning restaurant chains in the UAE, including its flagship brand, Allo Beirut.

Allo Beirut is a market leader in the Lebanese casual dining segment in the UAE, attracting a large and diverse customer base through its quality offerings at competitive prices. In addition to its operations across the UAE, Blackspoon recently launched its expansion plan across the GCC, which includes franchising over 30 new Allo Beirut locations across the region over the next five years, with a primary focus on Saudi Arabia.

The transaction marks Jadwa’s sixteenth private equity investment since inception, and second acquisition in the consumer sector in 2023 following its investment in Gissah Perfumes.

Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented on the transaction, “We are excited about our investment in Blackspoon and its remarkably successful brand Allo Beirut. This investment is an extension of our strategy to capitalize on the increasingly attractive consumer sector across the GCC, which has begun to reap the fruits of transformational government initiatives, a young and growing population, and rising income levels."

Elie Elkhoury, Head of Private Equity at Jadwa Investment, stated, "We believe Blackspoon is a compelling opportunity in the restaurants segment as it is at a pivotal juncture in its growth trajectory. We are excited to work with Blackspoon's leadership in the execution of its vision and expect this investment to pave the way for additional F&B acquisitions under the Blackspoon umbrella."

Speaking for Blackspoon Group, its CEO Charbel Mhanna added, "We are delighted to partner with Jadwa Investment and to leverage their expertise to accelerate our growth. Our goal is to make Blackspoon Group an F&B leader at the regional scale, and our partnership with Jadwa Investment will prove instrumental to the success of this aspiration."

About Jadwa Investment

Jadwa Investment is a Riyadh-headquartered investment management and advisory firm with total client assets of SAR 75 billion (USD 20 billion) in public equity, private equity, real estate, private credit, fixed income, and money market investments. The firm's clients include government-related entities, local and international institutional investors, leading local family companies and offices, and high-net-worth individuals.

Jadwa Investment is licensed by the CMA as a capital market institution, with registration number 6034/37, for dealing as a principal and agent, arranging, advising, managing and acting as a custodian in securities business.