Mezzan Holding, a major food, beverage and healthcare products manufacturer and distributor in the Gulf region, said Tuesday it acquired 67 per cent of stakes of Kuwait-based KSPICo, a Kuwaiti Saudi Pharmaceutical Industries Company.
The deal cost Mezzan Holding $69 million. With the acquisition, Mezzan will control Kuwait’s pharmaceutical and healthcare industry as KSPICo. is the Gulf country’s only manufacturer of pharmaceutical products.
The holding’s chairman Mohammed Jassim Al Wazzan welcomed the deal noting that KSPICo. “complements Mezzan’s 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.
“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 & development,” he said.