After announcing the purchase of The Chefz, a Saudi Arabian dessert delivery platform, for $172.9 million, Jahez, a Saudi Arabian food delivery company, has acquired The Chefz in its entirety. Jahez was established in 2016 by Ghassab Al Mandeel, and it makes use of innovative technologies to facilitate communication between consumers and retailers, and manufacturers of edible goods. The firm claimed in March 2021 that it had over 1.3 million active users on its platform, 12,000+ merchant branches, and over 34,000 delivery partners in 47 locations across Saudi Arabia. The firm was valued at $2.4 billion when it went public in January on the parallel market (Nomu) of the Saudi Exchange.
The Chefz owns Best Chefs Catering Company, which runs a dessert, floral, and fragrance delivery service. Chefz's services in fine dining, confectionary, and leisure items will allow Jahez to "supplement its leading food delivery platform in rapid service," the company stated. Closing is anticipated for the first quarter of 2023, pending the receipt of all regulatory clearances. After the deal closes, Jahez's share capital will rise from $27.9 million to $28.9 million. The agreement stipulates that the founding members of The Chefz would get an SR100 million ($26.6 million) cash earn-out, contingent on their achievement of certain performance-related criteria between January 1, 2022, and December 31, 2022.
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