Jadwa Investment acquires Black Spoon Group, bolsters consumer portfolio

Jadwa Investment acquired Black Spoon Restaurants Group as part of its latest private equity investment in the food and beverage sector.

Jadwa Food & Beverage Opportunities Fund fully acquired the UAE-based Black Spoon Group, which has 10 branches under three brands, including its flagship Allo Beirut, Jadwa Investment told Argaam in a statement.

Allo Beirut holds a leading market share in the Lebanese casual dining segment in the UAE, with a large and growing customer base since its inception in 2018, the statement said.

In addition to its operations across the UAE, Black Spoon recently launched its expansion plan across the GCC, which includes franchising over 30 new Allo Beirut locations across the region over the next five years, with a primary focus on Saudi Arabia.

The transaction marks Jadwa’s sixteenth private equity investment since inception, and second acquisition in the consumer sector in 2023 following its investment in Gissah Perfumes Co.

“We are excited about our investment in Black Spoon and its remarkably successful brand Allo Beirut,” Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said.

“This investment is an extension of our strategy to capitalize on the increasingly attractive consumer sector across the GCC, which has begun to reap the fruits of transformational government initiatives, a young and growing population, and rising income levels," he added.

Elie Elkhoury, Head of Private Equity at Jadwa Investment, noted that Black Spoon represents an attractive opportunity in the restaurant industry, as it is at a pivotal stage in its upward growth trajectory. “We look forward to working with Black Spoon's management in executing their vision and expect this investment to pave the way for further promising F&B acquisitions under the Black Spoon umbrella,” Elkhoury added.

Speaking for Black Spoon Group, CEO Charbel Mhanna added: "We are delighted to partner with Jadwa Investment and to leverage their expertise to accelerate our growth. Our goal is to make Blackspoon Group an F&B leader at the regional scale, and our partnership with Jadwa Investment will prove instrumental to the success of this aspiration."