Kuwaiti company buys Bonjus

Danah Foodstuff acquires F&B Venture holding for $45 million

July 18, 2011- Kuwaiti company Danah Al Safat Foodstuff has acquired Lebanon-based F&B Venture Holding through a $45 million deal.

F&B Venture Holding owns Bonjus Lebanese Fruit Juice Company, R.J.W. Foods, F&B Plastics, and Taanayal Farms. It was founded in March 2000 with a capital of $18 million.

A statement issued by Danah Foodstuff said F&B will be considered a subsidiary of Danah and its figures will be consolidated in the company’s financial statements as of the first of April 2011.

F&B’s annual revenues reached $44 million, with a 30 percent operational margin and $3 million profit, according to 2010 figures.

F&B had been a subsidiary of Saudi Dairy & Foodstuff Company, SADAFCO, which held 74.5 percent of the total share capital. SADAFCO sold the majority of its shares of F&B to Biomatrix Investment Holding Company Limited in 2001.