The Abraaj Group has acquired a majority stake in Mouka, a mattress manufacturer in Nigeria, as part of its plans to expand in Africa.
The Dubai-based private equity firm paid an undisclosed sum to the Moukarim family that founded Mouka, shareholders and the UK-based private equity firm Actis.
“We continue to see significant upside potential across the country in tandem with the fast growth of its population and the expansion of its middle class,” said Mustafa Abdel-Wadood, a partner at Abraaj.
This year Abraaj invested in BRN Sleep Products, a Turkish mattress manufacturer, exporter and retailer.
In Sub-Saharan Africa, Abraaj’s Nigerian portfolio includes Fan Milk Nigeria, AOS Orwell, C&I Leasing, Custodian & Allied Insurance, Computer Warehouse Group, The Bridge Clinic & PathCare and Lily Hospitals.
Abraaj, one of the largest private equity firms in the region with assets of about US$9 billion, has stakes in companies such as the low-cost carrier Air Arabia and the supermarket chain Spinneys.
This year it closed a $990 million Sub-Saharan Africa private equity fund.
Deal activity in Sub-Saharan Africa nearly doubled last year to $8.1bn – the second-highest on record – from $4.3bn in 2013, according to the African Private Equity and Venture Capital Association in London. Since 2007, 983 transactions have been completed with a total value of $34.5bn.
Abraaj has deployed more than $3bn across the continent over more than a decade. In Sub-Saharan Africa, it has made 67 investments in nine sectors and made 30 full and partial exits from these investments.
Abraaj said on Monday that it had sold its 13.6 per cent stake in the east African insurance company UAP Holdings for an undisclosed sum.
dalsaadi@thenational.ae
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