The size of the share purchase and the price paid by Food Capital and its co-investors remains undisclosed.
“We are excited about our investment in Ice Cream Dana at such an important stage in the company's growth strategy, and look forward to expanding the business across the kindgom,” said Abdullah Abdulhameed Al-Sunaid, chief executive of Food Capital.
“We are assured that Ice Cream Dana will continue to deliver great results under the leadership of its current chief executive, Abdulaziz Albarrak.”
Food Capital was founded earlier this year with the goal of targeting mid-sized food and beverage companies in the Middle East and North Africa region for investment. Its primary focus is on neighbouring Saudi Arabia, where the food industry is among the fastest-growing sectors.
"This partnership with Food Capital is a significant strategic development for our group as it will fast-track our expansion,” said Abdulaziz Saleh Albarrak, Ice Cream Dana’s owner.
“We are very proud of our accomplishments and success over the past years, and we look forward to continue our progress.”
The company now plans to open 27 additional outlets under its existing brands in Saudi Arabi within the next three years, to achieve our anticipated target of 40-50 company owned and operated outlets by 2019.