Floranow takes over KSA’s flower distributor Bloomax
Floranow, MENA’s leading online floral marketplace, announced its acquisition of Bloomax - the largest wholesale distributor of fresh-cut flowers in KSA, which is the GCC’s largest individual market. The company is acquiring 100% 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 1,500 - and makes Floranow the largest importer/distributor of flowers in the country.
Bloomax’s 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 digitize 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 completed in 2021, has subsequently yielded strong organic growth and fully digitized revenue - while giving KSA retailers and wholesalers access to the largest and richest assortment of flowers and plants in one convenient marketplace.