With the influx of a high number of Syrian-Armenians who moved to Armenia starting in 2011 due to the conflict in Syria, as well as the increasing trend of Lebanese Armenians moving to live in the Republic of Armenia, demand for middle eastern food products, including the middle eastern Pita bread, has grown steadily over the past 5-6 years. In addition, thanks to the opening in Yerevan, Armenia’s capital city, of a number of restaurants by Syrian and Lebanese Armenians offering middle-eastern food to locals and tourists, the pita bread has gained in popularity among the local populace and tourists alike.
Having performed relevant market research and identified a market gap due to the absence of authentic arabic pitas, Riviera Capital CJSC backed the establishment of Golden Bakery LLC through an FDI of USD 225,000. The bakery started operations in February 2019, and has quickly expanded into the retail and HoReCa sectors.
Golden Bakery LLC provides the market with authentic, fresh and delicious arabic pitas in addition to bran pitas.
In the context of the establishment of Golden Bakery LLC, Riviera Capital's role consisted of:
•Investor outreach and capital raise
•Managing establishment of company and operations, including hiring of management leadership
•Oversight of management and company performance relative to business plan and sales and profitability goals
•Monitoring of accounting and finance procedures at company
•Periodic reporting of company operational and financial results to investor group