Gourmet Egypt.Com for Food Products (“Gourmet” or “GE” or the “Company”), a leading premium grocery retailer, today announced its intention to proceed with an initial public offering (the “IPO” or the “Offering”) of its ordinary shares on the Egyptian Exchange (“EGX”).
The Offering is expected to consist of a secondary sale of up to 190,516,824 existing ordinary shares, representing 47.6% of the Company’s issued share capital, by B Investments Holding S.A.E (“B Investments”), Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Deema Abu Ghazaleh and Amgad Sultan (together with B Investments, the “Selling Shareholders”), while B Investments will remain invested in the Company with a 40% stake, demonstrating confidence in the business moving forward.
Both the Private Tranche and Public Tranche will be offered at the same price per share (the “Offer Price”). The Offer Price will be determined through a book building process.
Gourmet is currently in the process of obtaining the required approvals with regards to the Offering, including approval of the public subscription notice (the “PSN”) and any other approvals from the Financial Regulatory Authority (“FRA”) and the Egyptian Exchange. Completion of the Combined Offering and commencement of trading is expected to take place in February 2026, subject to market conditions and the timely receipt of the relevant regulatory approvals.
Commenting on the Offering, the Company’s Chairman, Michael Wright, said: “The IPO of Gourmet marks a major milestone in the Company’s journey and sets the stage for the next phase of our growth. We remain committed to strengthening Gourmet’s brand equity by consistently delivering on our promise of excellence and quality. As we look to the future, we are focused on scaling the business while staying true to the core principles that define the Gourmet brand — innovation, authenticity, and dedication to our customers”.
About Gourmet
Gourmet was founded by the Abu Ghazaleh family in 2006 and in 2008, the Company commenced its retail operations, marking the beginning of its transformation into Egypt’s leading premium food retail platform. With a strong commitment to quality, Gourmet has steadily evolved its retail footprint and diversified its offerings to include a wide range of food and beverage private label products.
In 2015, amid macroeconomic shifts and foreign currency challenges, the Company launched Gourmet Food Solutions (“GFS”), a wholly owned manufacturing subsidiary, becoming one of the first movers in Egypt to vertically integrate premium grocery retail with in-house food manufacturing. GFS enabled the Company to reduce import dependence, enhance margins, and scale its exclusive “Produced by Gourmet” product lines—now a cornerstone of Gourmet’s differentiated retail proposition. Gourmet was also among the first grocery retailers in Egypt to launch a proprietary e-commerce and mobile application, establishing an early digital distribution channel alongside its physical store network.
As the Company entered its next phase of growth, B Investments acquired a majority stake, which brought in capital to accelerate expansion. Since then, Gourmet has scaled its retail network, invested in operational infrastructure, and grown its delivery and e-commerce platforms. As of 2024, approximately 35% of sales are generated through delivery, with the remaining approximate 65% from walk-in customers.
Today, Gourmet stands as a premier brand in Egypt’s grocery landscape—renowned for its curated product selection, exclusive offerings, and a seamless customer experience. The Company’s portfolio includes both mainstream grocery items and high-margin private label products under the “Produced by Gourmet” brand. These lines are recognized for their premium taste, quality, consistency, and convenience, supporting both customer loyalty and profitability.
GFS operates two main production facilities that manufacture meat and poultry. It also runs eight specialized kitchens producing ready-made meals, oriental dishes, salads, dairy products, bakery items, pasta, and pastries. This integrated production model allows the Company to control the entire value chain—from sourcing to final sale—ensuring product quality and supply consistency. GFS also supplies to select third-party clients, such as Cairo International Airport and premium HORECA operators, further underscoring its industry credentials.
Gourmet currently operates 21 strategically located stores across Greater Cairo (East & West Cairo, Downtown, Heliopolis, and Maadi), Alexandria, El Gouna, and seasonal outlets in the North Coast. The Company targets affluent, quality-conscious consumers who prioritize product quality and shopping experiences, and who have demonstrated resilience to broader macroeconomic trends.
Gourmet reported consolidated revenue of EGP 2,118 million in 2024 and EGP 2,085 million for the nine months ending September 2025, achieving 39.6% growth compared to the nine months ending September 2024. Adjusted EBITDA reached EGP 293 million and EGP 281 million in the respective periods, with Net Profit of EGP 135 million in both 2024 nine months ending September 2025.
As of October 2025, the Company maintained a healthy balance sheet with EGP 274 million in cash and cash equivalents and minimal bank debt of EGP 29 million. Following the Offering, the Company intends to pay dividends pursuant a dividend policy that will be set to reflect the cash flow generation of the Company and considers potential investment and growth opportunities.
Leader in the Market with a Proven Track Record of Growth
Gourmet is a leading premium grocery retailer, having evolved from a premium food delivery business serving the hospitality sector into a fully integrated food retail platform. Today, the Company operates through a growing national footprint that includes physical retail stores, an e-commerce platform, and a robust delivery infrastructure.
To realize its private label vision, the Company established GFS — a wholly owned manufacturing subsidiary — focused on producing exclusive “Produced by Gourmet” items. These high-quality, artisanal, and hand-crafted products have become a core pillar of the Company’s brand and a key differentiator in the market.
As a result of the establishment of GFS, the Company has been able to significantly decrease dependance on imported products to reduce import dependence, enhance margins, and scale its exclusive “Produced by Gourmet” product lines
The Company operates 21 strategically located stores across key Egyptian cities, supported by its e-commerce and delivery operations, which together account for approximately 35% of total sales, reinforcing its omnichannel approach to reach affluent and quality-focused consumers.
Premium Grocery Retailer Positioned Within Egypt’s Most Resilient Customer Segment
Gourmet operates exclusively in the premium grocery segment, targeting affluent consumers who prioritize quality, consistency, and product integrity. The Company’s curated product offering includes high-quality goods and exclusive “Produced by Gourmet” lines, delivered through upscale, experience-driven retail environments.
Gourmet’s brand proposition is rooted in several distinct competitive attributes—high product quality, individualized customer focus, trend responsiveness, a handcrafted product range, and a culture of culinary creativity. Together, these elements drive customer loyalty and position Gourmet as a leading player in Egypt’s resilient high end retail segment.
Strong Profitability Compared to International and Regional Peers
Gourmet maintains attractive net profit margins compared to international and regional publicly listed food retailers, underpinned by its integrated business model and the strength of its exclusive Produced by Gourmet product range.
Profitability is enhanced by disciplined pricing strategies, a favorable product mix with higher-margin private label items, and strong customer loyalty.
Well-Tested Innovation and Product Roll-Out Cycle
Gourmet operates a structured and repeatable innovation process encompassing category identification, product selection, controlled roll-out, and rapid iteration based on real-time market feedback. This agile framework enables the Company to continuously optimize its product offering by introducing, modifying, or eliminating items based on performance and relevance.
Customer insights drawn from physical store engagement, digital platform behavior, and detailed sales analytics are actively leveraged to refine the product portfolio, ensuring alignment with evolving consumer preferences and demand trends.
New and existing products undergo evaluation based on a multi-faceted set of criteria, including compliance with Gourmet’s brand identity, quality standards, and price point.
Wide Scope of Products Led by an Extensive Range of Produced by Gourmet Portfolio
Gourmet’s product mix combines a broad third-party retail assortment with a growing portfolio of Produced by Gourmet items, which serve as the Company’s key differentiator.
The Produced by Gourmet line focuses on premium, high-quality offerings such as fresh, ready-to-cook, and ready-to-eat meals—reinforcing the Company’s identity and building strong customer loyalty among Egypt’s premium grocery segment.
In-house production not only enables Gourmet to control product quality and consistency but also delivers significantly higher margin.
Strong Brand Equity and Differentiated Customer Experience
Gourmet has established a distinctive brand identity rooted in exclusive, high-quality gourmet food products and handcrafted ready-made meals, creating a strong competitive advantage.
Gourmet’s in-store experience is tailored to the premium consumer, with outlets located in strategic neighborhoods prioritizing ambiance, product display, and customer service.
Gourmet offers a collection of non-food and household essentials further, offering customers with a complete shopping experience.
The Company enjoys a loyal and growing customer base, reinforced by a consistent and high-quality product offering that fosters repeat purchases and strong brand attachment.
Extensive Store Coverage in Key Cities and Communities
Gourmet operates a network of retail stores across Greater Cairo, Alexandria, Gouna, and the North Coast, carefully selected to align with its premium positioning.
Beyond its current footprint, Gourmet has secured agreements for 3 additional stores, providing visibility on near-term growth, supporting the Company’s continued expansion in a capital-efficient manner.
The Company’s store expansion translated into consistent growth in both like-for-like sales and the number of units sold, reflecting strong consumer adoption in new locations.
Growing Delivery and E-Commerce Operations
Gourmet has developed and launched a dedicated e-commerce platform, securing an early mover advantage in online premium grocery retail.
As of 2024, delivery and e-commerce accounted for approximately 35% of total revenues, effectively complementing the physical store network and serving as a core growth and customer engagement lever.
Revamped Loyalty Program to Increase Consumer Retention and Enlarge the Basket Size
Gourmet’s loyalty program is carefully designed to increase customer retention, drive footfall, and expand average transaction size through targeted and tiered reward mechanisms.
The core strategy focuses on elevating customers through defined tiers—Silver, Gold, and VIP—each unlocking progressively greater benefits and encouraging higher wallet share.
The program incentivizes customers to exceed certain spending thresholds, while also steering demand toward high-margin products through curated rebates and benefits.
Well Integrated Value Chain Offering a Differentiating Product Portfolio
Gourmet benefits from a fully integrated value chain spanning sourcing, food processing, warehousing, and distribution, enabling the Company to control quality, ensure operational agility, and deliver consistent product quality.
The Company sources premium raw materials for its “Handcrafted by Gourmet” products, ensuring ingredient quality aligns with its premium positioning and brand promise.
Through its fully owned subsidiary, Gourmet Food Solutions (GFS), the Company operates a multi-kitchen food production facility that includes eight specialized kitchens—ranging from bakery and pastry to oriental meals and stuffed vegetables—as well as beef, poultry, and cold-cut processing units.
Robust Operational Performance & Healthy Financial Position
Gourmet has delivered strong revenue growth reflected in a revenue CAGR of 38.9% between 2022-2024. This strong growth has carried over into 2025 whereby revenue grew by 39.6% Y-o-Y for the period September 2024 to September 2025
The Company has successfully combined growth with enhanced profitability, with Adjusted EBITDA margins improving from 6.3% in 2022 to 13.8% in 2024, reflecting strong operating leverage and disciplined execution.
In parallel, Gourmet maintains a solid balance sheet, with EGP 274 million in cash and cash equivalents and only EGP 29 million in total bank debt as of October 2025.
Seasoned Management Team with Deep Retail Experience
Gourmet is led by an experienced management team with deep sector expertise and a long track record of successfully operating and growing the business.
Senior management have extensive experience across multiple regional and global markets and previously holding senior management positions at leading companies including but not limited to Spinneys UAE, Bin Dawood, Mars, P&G and Tesco.
Clearly Defined Strategy
Store Expansion: Continued rollout across premium residential areas with larger-format stores that support greater product availability, better customer experience, and e-commerce fulfillment.
Private Label Growth & Strategic Partnerships: Accelerating the “Produced by Gourmet” range and collaborating with key local and international suppliers to launch exclusive, high-margin product lines.
Customer Experience & Engagement: Enhancing digital and in-store experiences through better layout, personalization, and delivery speed—deepening brand loyalty and basket size.
Digital Transformation: Leveraging customer and loyalty data to drive intelligent pricing, targeted marketing, and a data-led culture across departments.
Offering Highlights
Upon obtaining final approvals from the FRA and the EGX, the Company will offer shares representing c.47.6% of its share capital representing up to 190,516,824 ordinary shares
The Combined Offering will consist of up to 152,413,459 shares for the Private Tranche and a further 38,103,365 shares in the Public Tranche.
The selling shareholders are B Investments S.A.E., Basem Abu Ghazaleh, Jalal Abu Ghazaleh, Deema Abu Ghazaleh and Amgad Sultan.
EFG Hermes Promoting & Underwriting is the sole global coordinator and bookrunner for the Combined Offering. MHR & Partners in association with White & Case is serving as local counsel to the issuer of the Combined Offering.
