UAE-based private-equity firm Abraaj has quit its role as investor in Tunisian baked goods firm Moulin d’Or.
Abraaj invested in Moulin d’Or – maker of packaged cakes, baked snacks and packaged bread – in 2012.
The buyout house did not reveal the size of its stake in Moulin d’Or, not disclose which entity has acquired its shares.
Abraaj also did not give reasons for its move. However, it claimed its investment enabled the expansion of Moulin d’Or’s regional expansion, through the creation of a joint venture in Algeria and an increase in exports to Libya.
In a statement, Ahmed Badreldin, partner and regional head of Abraaj’s operations in the Middle East and north Africa, said: “We saw an opportunity to support a producer of high quality and competitively priced goods. Over the course of Abraaj’s investment, we worked closely with the management team to consolidate its strong position in the local market, and grow its operations and distribution region-wide, generating double digit revenue growth.”
Adel Goucha, managing director at The Abraaj Group, added: “Moulin d’Or has built a highly defensible market-leading position, and it will continue to grow in demand and gain a broader footprint in North Africa thanks to its unique approach to product innovation.”
Abraaj has interests in over 20 food and drink-related businesses including Fan Milk in West Africa and Libstar – a food manufacturer – in South Africa.
On Wednesday (31 December), Abraaj pulled out of the race to acquire Bisco Misr, leaving Kellogg as the sole bidder for the Egyptian snacks firm.