Americana Restaurants International, the Middle East’s largest F&B operator, is in advanced talks to acquire Cravia Inc., the regional franchise holder for Five Guys, Cinnabon, and several other popular brands, according to insiders familiar with the matter.
The acquisition would expand Americana’s portfolio — which already includes KFC, Pizza Hut, and Krispy Kreme — by adding more high-profile names to its network across the region. Americana is listed on both the Abu Dhabi and Riyadh stock exchanges, with key shareholders including Saudi Arabia’s Public Investment Fund and real estate mogul Mohamed Alabbar.
Shares in Americana have faced pressure, down nearly 60% from late 2023 highs, amid internal restructuring and a boycott linked to geopolitical tensions following the Israel-Hamas conflict.
Americana’s move to acquire Cravia — which operates 78 outlets and employs over 2,000 staff — comes despite ongoing regional challenges, including rising oil prices and market volatility spurred by the Israel-Iran tensions.
Since 2016, Fajr Capital has owned Cravia, helping the group grow its portfolio to include Zaatar W Zeit, Seattle’s Best Coffee, and Carvel in addition to Five Guys and Cinnabon.
Investor interest in regional F&B operators is surging as Gulf markets continue to attract global brands seeking local partners. For example, last year Saudi Arabia’s Cenomi Retail opened 14 Subway outlets in a single day — showcasing the fast-growing appetite for food franchise deals across the Middle East.
