Expedition Investments consortium acquires 33% of Egyptian dairy firm Domty

A consortium led by Expedition Investments has acquired around 33 percent of Egyptian dairy company Arabian Food Industries Co (Domty) for 512 million Egyptian pounds ($26.5 million).

The deal was priced at 5.50 pounds per share, up from 5.00 pounds at the beginning of the tender offer, after a fairness opinion by BDO had valued the shares at 6.90 pounds.

The Damati family, which founded Domty and already controlled 56 percent of the company, are part of the consortium that acquired the 33 percent stake and own minority stakes in Expedition, meaning they now control some 89 percent of the company’s shares.

Expedition Investments is a special purpose vehicle that is domiciled in Mauritius and controlled by undisclosed investors in Egypt and the Gulf. The company said Expedition said that the Al-Damaty family’s participation in the consortium showed its support for Expedition as a new shareholder in Domty.

EFG Hermes has acted as the financial adviser and Matouk Bassiouny and Hennawy was the legal adviser for the transaction.