Private equity firm Abraaj Group has acquired West Africa-focused dairy products and juices maker Fan Milk International (FMI), bringing its total African investments to $2.2bn across sixty nine companies.
FMI, which is headquartered in Aalborg, Denmark, operates in Ghana, Nigeria, Togo, Ivory Coast, Benin and Burkina Faso, selling more than 1.8 million products per day.
Its target markets ahave projected GDP growth rates of as high as 8.3 per cent.
Founder and CEO of Abraaj Arif Naqvi said, “The considerable investment and growth plans we have for FMI mirror the scale and depth of investment opportunities that we believe are now abundant on the African continent.
“Africa is witnessing the rise of a burgeoning middle and consumer class, so the acquisition of FMI is an extremely exciting and compelling investment opportunity. FMI’s portfolio of leading consumer food brands perfectly complements our African investment strategy.
“Abraaj’s deeply embedded environmental, social and governance principles will also ensure we create long term, social benefits for FMI’s local communities alongside the strong financial returns we aim to generate.”
Abraaj currently manages $7.5bn across 25 sector and country specific funds including private equity and real estate vehicles.
A recent research report from Abraaj said private equity is well suited to address the main challenges faced by Africa.
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