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Tunisia’s Poulina Group Holding, has moved forward with a plan to acquire a majority stake in LandOr, a leading cheese producer, as the conglomerate pushes to expand and strengthen its agri food business.
Poulina said it submitted a nonbinding offer on Feb. 18 to Maghreb Private Equity Fund IV LLC for the purchase of a majority stake, held directly and indirectly, in LandOr. The company described the move as part of its broader growth strategy and a step toward consolidating its position in higher value food segments.
Both sides have signed the nonbinding offer as an initial step in what Poulina described as a structured divestment process.
The proposed transaction centers on the stake currently held by Maghreb Private Equity Fund IV LLC, which Poulina described as LandOr’s reference shareholder. Poulina said the fund helped support LandOr’s industrial and commercial growth in recent years and is now preparing an exit in line with its normal investment cycle.
Poulina said the acquisition project fits a targeted carve out strategy designed to support the evolution of its agri food operations, improve resource allocation and strengthen its position in the sector.
Mahjoub Langar, chief executive of Poulina Group Holding, said the company sees LandOr as a strong strategic fit for its food division. He described LandOr as a benchmark player with established brands, recognized industrial expertise and growth potential in both domestic and international markets.
The deal is not final and remains subject to several conditions. Poulina said completion will depend on due diligence, negotiation and signing of definitive agreements, and all required administrative and regulatory approvals.
That means the announcement marks the start of a process, not a completed acquisition. The nonbinding offer gives Poulina a path to proceed, but the transaction still has to pass through financial, legal and regulatory steps before it can close.
Poulina also said MAC SA is acting as its exclusive financial adviser on the transaction and is providing strategic support throughout the process.
If completed, the acquisition would deepen Poulina’s presence in Tunisia’s food industry at a time when large groups are seeking scale, stronger brands and better positioning in consumer staples. LandOr’s place in the cheese market makes it a notable target for a group looking to build out a more integrated agri food platform.
The announcement signals that Poulina is still pursuing expansion despite a cautious regional business climate, and that it sees food manufacturing as a core area for long term growth. The next phase will be shaped by due diligence findings, deal terms and regulatory review.
