Egyptian Maker of Twinkies Said to Consider IPOAlaa Shahine and Dinesh Nair
Edita Food Industries, an Egyptian snacks maker part-owned by London-based buyout firm Actis LLP, is considering an initial public offering as equity values rebound, four people familiar with the matter said.
Edita, whose products include the Twinkies cake in Egypt, is in talks with banks for the sale, the people said, asking not to be identified because the plans are private. The IPO may be valued at about $300 million, two of the people said.
The company is the largest independent snack food business in North Africa, Actis said in June, when the private equity firm bought a $102 million stake in Edita. It wasn’t immediately clear whether Actis is selling any of its holding.
Arabian Cement Co. jumped more than 15 percent on its trading debut yesterday after becoming the first company to sell shares in Egypt since the 2011 uprising that ousted President Hosni Mubarak. The benchmark EGX 30 Index has rallied about 70 percent since the military ousted Islamist President Mohamed Mursi in July, making it one of the best-performing measures tracked globally by Bloomberg.
Edita executives couldn’t be reached, while Actis declined to comment.