Hassad, Qatar’s leading investor in the food sector, has acquired a 22.5% stake in Sunrise Foods International, the world's largest organic grain and oilseed company, owned by Turkey's Tiryaki Agro.
Hassad also announced the signing of a strategic agreement with Tiryaki Agro to provide various food grains to the local market in case of demand. This agreement will strengthen the efforts of the company to achieve food security in Qatar.
The deal is slated to be completed in the fourth quarter of 2019.
The Chief Executive Officer of Hassad Food Company, Mohamed Badr al-Sada, said that the company is delighted to enter into a long-term strategic partnership by acquiring a stake in Sunrise Foods International, pointing out that the company will benefit from the commercial side of this agreement in the coming years, due to the growing demand for organic products in the global markets.
Headquartered in Canada, Sunrise Foods International markets its various products in the US and European markets, and has facilities in the United States, Canada and Turkey. The company's operations extend from the Black Sea region through Europe to North America.
The move by Qatar's sovereign wealth subsidiary comes as part of its strategy to expand its international operations and reach.
Hassad's mission is to identify and invest in attractive assets in the global food and agriculture value chains, and build a strong portfolio through its sector expertise, lasting partnerships and a long-term investment approach.
Coöperatieve Rabobank is acting as financial adviser to Sunrise and its majority shareholder in connection with the transaction.