London-based investor Omar Alkhawaja has acquired a majority stake in Jordan-based ice cream maker Four Winters Global from Fawaz Al Hokair, a Saudi billionaire property developer, for an undisclosed sum.
With the management takeover, Alkhawaja has been appointment as global chairman and the co-founder of Four Winters, Zeid Zabian, will remain as CEO of the group.
As part of growth plans laid out by Alkhawaja and Zabian, $10m will be invested in the business over the next three years to reach a target of 50 new parlours. It includes openings in Los Angeles, New York in the US and North Africa, with further additions in the UK and Jordan.
The acquisition will also see Four Winters head office relocated to London from Jordan with immediate effect.
Commenting on the acquisition, Zeid Zabian said: “I am extremely excited about the acquisition and having worked with Omar for the past few years, I know that with his leadership we are now fully equipped as a team to move forward with the shared vision we have for Four Winters.
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“Our goal is to make sure we have the right organisational structure in place to strengthen our performance, which includes our 50 company-owned parlour target, and the development of a franchising platform. We are looking forward to continued brand growth and success in 2018 and beyond.”
The board of directors will also focus on enhancing the brand internationally and continuous product innovation.
Founded in 2013, the brand has three outlets in London and is set to unveil a new location in Kent, England, in January.