Saudi Arabian fast food chain Kudu is now in the process of selling off its majority stake and one of the bidders is said to be KKR, according to sources informing Reuters.
Saudi Arabia is the largest economy in the Gulf region and there has been a noted increase in the participation of international investors in the consumer sector of the kingdom.
Kudu is based out of Riyadh, SA and operates 200 restaurants throughout the country. The company is owned by a collective consisting of its Chairman and CEO Abdulmohsen Bin Abdulaziz Al Yahya. The auction was confirmed by data from Zawya, a unit of Thomson Reuters.
Kudu was established back in 1988 and has shown a meteoric growth with a projected net income of SAR100 million or US$26.7 million, according to one of the sources. At this valuation, the company is said to be worth between SAR 1 billion and SAR 1.5 billion.
Kudu were not immediately available to provide comment on the report, as a number of calls were left unanswered.
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