Bagir Group Ltd, an Israel based manufacturer and supplier of men's and women's tailored fashion, has fully acquired Nazareth Garments S.C. (NGC) with a total cost of 44.1 million Br.
NGC is located in Oromia Regional State, in the town of Adama, about a hundred kilometres south-east of Addis Abeba. The two companies had co-owned Nazareth Garments in a joint venture agreement since Bagir purchased a 50pc stake of NGC in 2014 with a total cost of 34.8 million Br.
Even though the consolidation was made public on February 6, 2017, the deal was not concluded up until last week owing to some issues such as tax clearance of the share sellers and share registration procedures of the country.
Nazareth Garments, among others, produces school uniforms, work wear, corporate uniforms and casual wear. The garment factory was first established in 1991 by the government of Ethiopia.