- UAE-based B2B floral marketplace Floranow has fully acquired KSA’s wholesale distributor of fresh-cut flowers Bloomax, with the transaction funded by a combination of debt and equity.
- The deal will make Floranow the largest importer/distributor of flowers in the country, giving it a direct presence in nine cities in Saudi Arabia and increasing the number of companies buying on Floranow’s platform in the country to over 1500.
- Founded in 2016 by Charif Mzayek, Floranow’s platform connects sellers and buyers, managing the supply chain from farm to florist, including all freight stages, customs clearance, quality control and last-mile delivery. It gives growers access to importers in over 20 markets.
- In 2021, Floranow, a Wamda portfolio company, acquired Astra Farms’ floral distribution business, another Saudi company.
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.
Floranow has a proven successful acquisition track record in KSA and the region. The Company’s strategy is to digitise the region’s traditional, inefficient floral market and today’s announcement complements the successful previous acquisition of KSA-based Astra Farms’ floral distribution business. The Astra Farms deal, which was completed in 2021, has subsequently yielded organic solid growth and fully digitised revenue - while giving KSA retailers and wholesalers access to the largest and richest assortment of flowers and plants in one convenient marketplace.
Floranow’s wider operational performance remains buoyant. The Company has processed over 150,000 orders, has over 1100 customers, and has 100+ employees, ideally positioning Floranow for MENAT’s anticipated cut-flower market growth. MENAT’s current market size is $1.15 billion, with the KSA market set to grow at 6% CAGR.
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.”
Founded in 2016, Floranow’s mission is to revolutionise the floral industry. Its business model combines a digital platform - ensuring smooth transactions between sellers and buyers - and a logistics stack moving products twice as fast as traditional channels, in an optimized cool chain solution.
Floranow manages the supply chain from the farm to the florist, including all freight stages, customs clearance, quality control and last-mile delivery - connecting growers to importers in over 20 markets.