DUBAI, United Arab Emirates (AP) — A consortium of Gulf Arab investors has agreed to buy a majority stake in Middle Eastern food firm Kuwait Food Company, which operates regional franchises of KFC, Krispy Kreme and other well-known Western brands.
The investor group Adeptio said in a statement posted Thursday on the Kuwait stock exchange that it has agreed to buy a stake in the company currently owned by the Al-Khair investment company. Al-Khair says Adeptio is led by Mohamed Alabbar, who is also chairman of Emaar Properties, developer of Dubai's record-breaking Burj Khalifa skyscraper.
Financial details were not disclosed.
Kuwait Food Company is better known as Americana. Founded in 1964, its portfolio includes Mideast franchises of Pizza Hut, TGI Friday's, Red Lobster, and Olive Garden. It also produces packaged food sold under its own brands.