Mezzan Holding, one of the largest manufacturers and distributors of food, beverage, FMCG and healthcare products in the Gulf, has announced the successful acquisition of a 67 per cent stake in Kuwait Saudi Pharmaceutical Industries Company (KSPICO), Kuwait’s only manufacturer of pharmaceutical products.

The acquisition will grant Mezzan majority board seats and effective control of KSPICO and will enable Mezzan bolster its capabilities and offerings in the healthcare space, a vital and growing consumer segment, said a statement from the company.

The value of the acquisition was KD21 million ($69.01 million), it said.

Mezzan Holding executive vice chairman Mohammed Jassim Al Wazzan said: “KSPICO is one of Kuwait’s untold success stories. The company has a great track-record and a unique market position that complements our business.”

“Upon completion, this acquisition will mark a turning point in our healthcare businesses, transforming it overnight from a distribution-based business into a manufacturing and distribution business with a wide array of product lines, customers, and regulator certifications,” he said.

“The company has a seasoned-management that we look forward to not only working with to grow current business, but also to expand it into new value added production lines, contract manufacturing with renowned international producers and investment in research and development,” he added.

Mezzan chief executive officer Garrett Walsh added: “This acquisition marks a significant addition to our company’s core consumer driven business and expanding its access to the local and regional consumer spending.”

“We will focus its efforts on further growing KSPICO’s market share locally and regionally, growing utilisation of manufacturing and improve product mix to help drive growth and profitability,” he added. – TradeArabia News Service