A Dubai-based consortium of investors led by Emaar Properties PJSC Chairman, Mohamed Alabbar, known as Adeptio LLC, has agreed to buy a 69% stake in Middle East food group, Kuwait Food Co., also known as Americana, for $1.7 billion, according to Bloomberg.

Founded in 1964, Americana owns the Middle East franchises for many popular Western food brands including KFC, Pizza Hut, and Krispy Kreme, in addition to being a producer of a wide reaching portfolio of branded foods including California Garden beans and Farm Frites frozen vegetables which are sold in regional markets, earning the group a market value of approximately $2.5 billion, according to data from Thomson Reuters.

“We see a bright future for Americana and look forward to working with management to realize the significant growth potential in the business going forward,” said Alabbar in a statement reports Reuters.

Although the initial agreement signed by Adeptio was for the purchase of a 69% stake in the company currently owned by the Al-Khair Investment Company, after the closing of the deal, Adeptio will be making a mandatory offer to acquire all remaining shares in Americana under Kuwait securities regulations.

The conclusion of the deal follows two years of Kuwait’s Al-Kharafi family feeling out investor interest in the company without producing an agreement. In 2014 KKR & Co. and CVC Capital Partners offered a bid for the company, while Brazilian food group, BRF SA, also was holding talks regarding a deal. Then in 2015 Singapore’s Temasek Holdings Pte and the Saudi Savola Group partnered to bid for the company without reaching an agreement.

The Al-Kharifi family are involved in finance, construction, and communications, with their company posting sales of $3 billion and a net income of $183 million for the fiscal year ending 2013, according to Bloomberg.

A spokesman for Rothschild & Co. confirmed that the bank acted as advisor to Al Khair for the deal, however did not disclose any further information.