Maryland-based food distributor Verus International Inc. has agreed to acquire the french fry operations of an unnamed company in the Middle East for 2 million United Arab Emirates dirhams, plus assumption of certain liabilities.
In a Sept. 3 statement, Verus said the strategic acquisition would enable it to establish its presence in the frozen food category across markets including hotels restaurants in the region. The deal is also expected to begin contributing to the company's revenue within 30 days through existing sales relationships.
Verus added that it will sell the french fries as branded products.
The transaction is expected to be completed on or around Sept. 6, subject to customary closing conditions.
As of Sept. 2, US$1 was equivalent to 3.67 dirhams.
