Riyadh-based private equity firm Alt Capital has signed a share purchase agreement to acquire a significant minority stake in Mazaya, a Saudi operator of gas stations and transportation services, according to a statement published by Argaam on Monday.
Mazaya operates a network of more than 250 locations and expects annualized revenue of SAR2 billion in 2026, the statement said.
The statement did not disclose the size of the stake or the value of the transaction.
The deal is subject to customary closing conditions, including regulatory approvals. It is Alt Capital’s first investment in Saudi Arabia’s fuel retail sector.
Alt Capital is regulated by the Capital Market Authority. The statement described the kingdom’s fuel retail market as highly fragmented, with operators competing across a network that spans 13 regions.
“This is the first step in a broader strategy to consolidate the market and elevate customer experience, fully aligned with the directives of the Ministry of Energy and Vision 2030,” said Abdullah Altobaishi, chief executive officer of Alt Capital.
Karim Burhani, managing director at Alt Capital, said Mazaya had strong fundamentals and a proven track record in a sector ripe for consolidation.
Abdullah Al Amri, chief executive officer of Mazaya, said the partnership would give the company an institutional platform to expand its business model across the kingdom.
Once completed, the investment is expected to support the expansion and upgrade of Mazaya’s network and improve operations and customer experience at its stations, the statement said.
