Private equity firm the Abraaj Group is purchasing Fan Milk International, which manufactures and distributes frozen dairy products and juices.
Fan Milk, headquartered in Accra, Ghana, operates through subsidiaries in Ghana, Nigeria, Togo, the Ivory Coast, Benin and Burkina Faso. Those markets are growing quickly, according to an Abraaj statement. Terms of the deal were not disclosed.
Abraaj has invested $2.2 billion in 69 companies across Africa, Arif Naqvi, Abraaj’s CEO says in a statement. The firm is considered the Middle East's largest private equity firm, with $7.5 billion in assets and 31 offices across Asia, Africa, Latin America and the Middle East.
The PE firm, headquartered in London, invests in the developing markets of Asia, Africa, Latin America and the Middle East. The firm manages about $7.5 billion in assets. In January, Abraaj invested in Vine Pharmaceuticals, a pharmacy chain in Uganda. Abraaj’s other investments include Aniniwah Medical Centre and ALA TV.
For more on Abraaj's investments in the Middle East, especially Turkey, see "10 Markets to Watch."