UK-based Kazyon Limited Acquires 50% Stake in KSA’s Dukan
The acquisition will enable Kazyon to utilize invested capital to expedite the expansion of Dukan's store footprint.
Kazyon Limited, the parent company of Kazyon, has acquired 50% equity share capital in Saudi Arabian Dukan for SAR 250 million ($66.66 million), marking its entry into the Saudi grocery retail market.[1]
With an annual turnover of approximately $40 billion, Saudi Arabia boasts the largest grocery retail market in the region.
Established in 2013, Dukan operates a network of over 100 stores and holds the distinction of being the sole grocery discount retailer in Saudi Arabia.
The acquisition, structured through a capital increase, will enable Kazyon to utilize invested capital to expedite the expansion of Dukan's store footprint.
Kazyon, founded in 2014 by Hassan Heikal, provides affordable products to underserved markets.
Kazyon aims to establish a network of over 5,000 stores across Saudi Arabia, Egypt, and Morocco within the next five years.
In addition to Heikal, Kazyon Limited is backed by a prominent global sovereign wealth fund, major development finance institutions (DFIs), emerging markets private equity platforms such as Development Partners International, FIM Capital, Sango Capital, and regional family offices, among others.
Kazyon received advisory support from Evercore Partners, EFG-Hermes, White & Case, and PwC throughout the transaction process.
