|12-24-2014, 03:15 PM||#1|
Abraaj Group successfully exits leading Tunisian bakery Moulin d`Or
Dubai-based private equity investment firm Abraaj Group announced on Tuesday the successful exit of its investment in Moulin d’Or, a leading Tunisian baked goods producer.
In 2012, Abraaj invested in Moulin d’Or through one its funds, and said it has enabled the firm to expand Moulin d’Or’s regional footprint, mainly through the launch of a joint venture in Algeria and by increasing exports to Libya, where Moulin d’Or has established a significant presence.
The company massively expanded its distribution network to comprise 160 independent distributers that reach more than 8,000 points of sale.
"We have benefited enormously from Abraaj’s strong investment expertise, its geographical reach across the region and its excellent track record of supporting companies looking to capitalize on demographic shifts,” said Souhail Ben Aissa, founder of Moulin d’Or.
Moulin d’Or recently announced further expansion of its product range with its newly made flagship state-of-the-art plant. The new plant will markedly enhance operational efficiency by allowing production to concentrate on high speed and high capacity manufacturing lines.
The cake producer also has a market-leading position in Tunisia, and dominates the cupcake sector in Tunisia’s baked goods market. The cupcake segment it’s the fastest growing category, and has a 67% market share.
Moulin d’Or sold over 200 million cakes in the past year, attributing notably to the 47% market share it holds in the Tunisian cake segment.
Ahmed Badreldin, partner and regional head of Middle East and North Africa at The Abraaj Group, said: “Moulin d’Or presented a compelling investment case given the rise of fast moving consumer goods (FMCG) consumption in Tunisia, a country driven by highly favorable demographics and increasing GDP per capita.
Using the investment put by Abraaj, Moulin d’Or remarkably enhanced its distribution network region-wide and built a highly sustainable market-dominating position in the Tunisian market and has generated double digit revenue growth in only two years.
The Abraaj Group has now invested in more than 20 Food & Beverage related businesses around the world.
Abraaj has been aggressively expanding its reach in emerging markets. The company already have shares in Egypt`s Orascom Construction, budget carrier Air Araba, supermarket chain Spinneys, and most recently the acquisition on Southeast Asian food and drink chain Wine Connection.
Abraaj had also recently made a formal offer of $118.88 million to full acquire Bisco Misr on Monday, one of Egypt`s largest producers of biscuits and cakes.
Tunisia is considered a highly attractive place to invest in, mainly due to its advanced manufacturing sector, which has been key for the growth of the FMCG sector, and its ties to European markets. Tunisia is remarkably promising under the new political regime that has created stronger private sector participation.
Abraaj has invested $1.7 billion in North Africa since 2006, and has had a strong record of investing in Tunisian companies, with more than 4 acquisitions and a previous exit in Tunisian Opalia Pharma Sa in 2009, which saw a 250% increase in revenue over the course of Abraaj’s investment.
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