Miami-based REEF Technology's acquisition of United Arab Emirates-based iKcon Restaurant, announced earlier this week, is REEF's entry into the Middle East/North Africa (MENA) market, a company official said.
The acquisition positions REEF, the world's largest operator of delivery kitchens, logistics and proximity hubs in North America, to be head and shoulders about the competition, Reef Head of Development Tommy Rosen said in a Nov. 7 press release announcing the acquisition.
"We are excited to welcome iKcon and its team members to REEF's global proximity platform," Rosen said in the release. "The Middle East and North Africa are crucial markets in the rapidly evolving food and beverage and retail industries, and our acquisition of iKcon will position REEF to become a leader in the region."
REEF already has a foothold in the Abu Dhabi Global Market, the United Arab Emirate capital's financial center, and the company has plans to continue its growth in that market, the release said.
iKcon is REEF's first major transaction in the MENA market and is part of its "broader strategy toward global expansion," the news release said.
iKcon has been doing well for itself in the MENA market for quite some time. Boasting a network of kitchens in prime locations and with more than 800 employees, iKcon's modern facilities, smart technology solutions and highly qualified chefs and customer service teams is what extends iKcon's reach, the release said.
The company's more than 100 local, regional and international restaurant partners include Just Salad, YO Sushi, Dunkin’, California Pizza Kitchen and German Doner Kebab, in addition to local hero brands such as PINZA and Pizza Di Rocco, the release said.
"Since its inception, iKcon has consistently focused on operational excellence and building a unique customer-centric business model," iKcon Co-Founder and CEO Khalid Baareh said in the news release. "The past three years have taught us the importance of pursuing our vision with commitment and passion, driven by a world-class team."
iKcon is "thrilled" to be acquired by REEF but still plans to continue its own "our journey of bringing innovation to neighborhoods everywhere," Baareh said.
"REEF's leadership in proximity will play a great role in accelerating our regional expansion plans," Baareh said. "We are fully committed to driving the development of REEF in MENA."