The Kuwait Food Company, or Americana, has denied knowledge of a rumoured bidding war for a $5bn stake in the company between top private equity firms.
The food giant said, “The administration of the company has no knowledge of this matter. The administration of the company has also not received any offers regarding it”, in a filing with the Kuwait Stock exchange seen by Reuters.
Originally Americana was reported to be eyed by private equity firms TPG, KKR & Co, CVC and Advent International Corp, although the firms declined to comment on the news.
Americana’s main line of business is running food and drinks outlets, including KFC, Pizza Hut, TGI Fridays and Krispy Kreme. Its majority stake of 66.8 per cent is owned by the al-Kharafi family through its private investment company MAK (Mohammed Abdulmohsin al-Kharafi & Sons), which was reported to have hired Rothschild to handle the sale.
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