MUBADALA CAPITAL-BACKED REEF FORMS JV TO OPERATE CLOUD KITCHENS
The joint venture is with MENA's Americana Group
UAE’s Mubadala Capital
-backed REEF, North America’s largest cloud kitchen operator, and Americana Group
, the largest food & beverage operator in the Middle East region, announced a joint venture to open cloud kitchens that will operate REEF, Americana and third-party brands throughout the Middle East and North Africa.
In November 2021, REEF acquired iKcon Restaurant LLC, a UAE-based cloud kitchen company, marking the Miami-based company’s first major transaction in the region.
In 2020, Mubadala Capital, a wholly owned asset management subsidiary of Mubadala Investment Company, led a $700-million funding round into REEF, along with SoftBank, Oaktree Capital Management, UBS Asset Management and Target Global.
Americana Group owns exclusive franchise rights for the management and operation of over 1,950 restaurants representing some of the popular brands such as KFC, Pizza Hut, Hardee’s, Krispy Kreme etc. in 13 markets across the Middle East, North Africa, and CIS.
(Writing by Brinda Darasha; editing by Seban Scaria)
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