EFG Hermes, a subsidiary of EFG Holding Firm and a premier funding financial institution within the MENA area, has efficiently suggested on a strategic M&A transaction for Cenomi Retail, Saudi Arabia’s main franchise retailer. The deal concerned the sale of a curated portfolio of style manufacturers to Abdullah Al Othaim Vogue Firm, an entity underneath Abdullah Al Othaim Funding Firm.
Within the definitive settlement, Cenomi Retail bought 100% of Progressive Outfit Buying and selling Firm’s shares, which holds the franchise rights for the 16 manufacturers, to Abdullah Al-Othaim Vogue Firm. The transaction was finalized in February 2024, following the achievement of all needed approvals and situations in December 2023.
Abdullah Silsilah, Director of Funding Banking at EFG Hermes, expressed satisfaction within the agency’s integral function within the transaction’s clean completion. “This marks our second main retail sector deal in Saudi Arabia in 2024, reinforcing our strategic objective to broaden our presence and show the nation’s various financial alternatives,” he said.
The sale is a key a part of Cenomi Retail’s transformation technique, specializing in main manufacturers within the style, electronics, and meals and beverage sectors.
EFG Hermes served because the unique sell-side advisor for Cenomi Retail, with Clyde & Co. because the authorized counsel. Latham & Watkins supplied authorized recommendation to Abdullah Al-Othaim.
