EFG Hermes, a subsidiary of EFG Holding Company and a premier investment bank in the MENA region, has successfully advised on a strategic M&A transaction for Cenomi Retail, Saudi Arabia’s leading franchise retailer. The deal involved the sale of a curated portfolio of fashion brands to Abdullah Al Othaim Fashion Company, an entity under Abdullah Al Othaim Investment Company.
In the definitive agreement, Cenomi Retail sold 100% of Innovative Outfit Trading Company’s shares, which holds the franchise rights for the 16 brands, to Abdullah Al-Othaim Fashion Company. The transaction was finalized in February 2024, following the fulfillment of all necessary approvals and conditions in December 2023.
Abdullah Silsilah, Director of Investment Banking at EFG Hermes, expressed pride in the firm’s integral role in the transaction’s smooth completion. “This marks our second major retail sector deal in Saudi Arabia in 2024, reinforcing our strategic goal to expand our presence and demonstrate the country’s diverse economic opportunities,” he stated.
The sale is a key part of Cenomi Retail’s transformation strategy, focusing on leading brands in the fashion, electronics, and food and beverage sectors.
EFG Hermes served as the exclusive sell-side advisor for Cenomi Retail, with Clyde & Co. as the legal counsel. Latham & Watkins provided legal advice to Abdullah Al-Othaim.
