Alamar Foods, a big Domino’s operator with more than 500 locations in the Middle East, North Africa and Pakistan, is planning an initial public offering on the Saudi Exchange, the company said on Thursday.
The Carlyle Group, a U.S. private equity firm, plans to sell some 10.6 million shares of the company, representing nearly 42% of Alamar Foods’ shares.
The Riyadh-based Alamar is Domino’s master franchisee in 16 countries. It also operates Dunkin’ locations in Egypt and Morocco.
Alamar has been a quick-service brand operator for more than 30 years and has integrated both its brands into local culture. The company is also expanding well beyond Saudi Arabia—more than half its locations are now outside the country, up from 20% a decade ago.
“The IPO represents an important step in the growth journey of Alamar, enabling the company to capitalize on the strong momentum in the regional QSR sector and create further headroom for innovation and deepen our presence in-market,” Ibrahim Abdulaziz Aljammaz, Alamar’s chairman, said in a statement.
Domino’s uses large, master franchisees to develop its locations internationally, managing entire markets and overseeing many of the aspects of the franchise, including picking franchisees for those markets. A number of them, such as Europe master franchisee DP Eurasia and the U.K.-based Domino’s Pizza Group, are already publicly traded.
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