Floranow, Mena’s leading online floral marketplace, announces its acquisition of Bloomax – the largest wholesale distributor of fresh-cut flowers in KSA, which is the GCC’s largest individual market.
Floranow is acquiring 100 per cent of Bloomax, with the transaction funded by a combination of debt and equity.
The deal expands Floranow’s existing operational footprint in KSA, giving the Company a direct presence in nine KSA cities. It increases the number of companies in the KSA market buying on Floranow’s platform, to over 1500 – and makes Floranow the largest importer/distributor of flowers in the country.
Bloomax’s current chairman – Noushad Gafoor – will join Floranow’s executive team and remain in charge of KSA operations. A further strategic priority for Floranow is a greater role for KSA nationals and a specific focus on empowering KSA women.
Charif Mzayek, Founder and CEO of Floranow, commented: “We are delighted to announce the acquisition of Bloomax. Our successful strategy remains digitizing the traditional flower market, to enable direct, transparent, and efficient transactions between sellers and buyers across the world. We like the KSA market a lot. It is the GCC’s largest, with exciting growth drivers, and one we have operated in successfully for several years now. We look forward to growing further there and – in tandem – prioritising the career paths of KSA nationals, especially women.”
Noushad Gafoor, Chairman of Bloomax, said: “We are equally delighted to complete this transaction and look forward to working with Floranow’s talented team to synergise our two companies and enhance Saudi Arabia’s floral market. Combining Bloomax’s existing footprint with Floranow’s transformative technologies is an exciting platform for growth, and will greatly improve the importer/distribution process. We are excited about our future together.”