Bloom Invest has announced the completion of its acquisition of a 48% stake in Qannas Arabia, a joint-stock company specializing in catering and food services, through its private equity investment fund, the Bloom Catering Fund.
In a statement, the company highlighted that Qannas Arabia is classified as a first-tier company in the catering and food services sector. It is one of the leading providers of catering services to both government (B2G) and private (B2B) sectors and ranks among the top five companies in this field in the Kingdom. The company operates central kitchens in Riyadh and Makkah, as part of its plans to expand investments with the private sector and semi-governmental entities. Qannas Arabia is also renowned for offering premium food services that cater to the needs of its distinguished clients.
The statement added that this strategic partnership aims to enhance the growth of Qannas Arabia and broaden the scope of collaboration between the two entities. As part of its upcoming steps, Bloom Invest will prepare the company for an initial public offering (IPO) and submit the listing application to the Capital Market Authority (CMA), paving the way for the company’s listing on the Tadawul Main Market.
Engineer Abdullah Al-Rashoud, Managing Director and CEO of Bloom Invest, commented: “Our partnership with Qannas Arabia, a company with a strong reputation and significant growth potential in the government catering and food services sector, is a strategic investment that aligns perfectly with our vision of supporting leading companies in Saudi Arabia and contributing to the goals of Vision 2030. We are confident that Qannas Arabia is well-positioned to achieve further success, and we are committed to working closely with the management team to realize our shared goals, including a successful listing on the Tadawul Main Market.”
On his part, Haitham Al-Sheikh, Chairman of the Board of Directors of Qannas Arabia, stated: “We are delighted to welcome Bloom Invest as a strategic partner. Their investment is a strong endorsement of our business model and the hard work of our team. This collaboration will provide us with the resources and expertise needed to expand our operations, enhance our service offerings, and achieve our long-term growth objectives, including listing on the Tadawul Main Market.”
Bloom Invest emphasized that its experienced team is dedicated to strengthening the financial resilience of its clients and stakeholders, reaffirming its commitment to the highest standards of ethics, integrity, diligence, and care.
Established in 2008, Bloom Invest offers a wide range of investment services, including asset management, wealth management, corporate finance, and advisory services, with managed assets exceeding SAR 18 billion.