Private equity firm the Abraaj Group has made an investment in Steripharma.
Steripharma, headquartered in Casablanca, Morocco, makes pharmaceutical products, including solid and liquid medications. Terms of the transaction were not disclosed.
Abraaj’s investments should allow Steripharma to expand its exporting business, primarily to the private sector of north and sub-Saharan Africa. The target currently provides medications in Morocco.
“A consistent theme throughout Africa is the unavailability of quality health care goods and services at accessible price points,” says Shakir Merali, a managing director at Abraaj. The deal allows Abraaj to invest in a company to build up scale, and increase affordability and quality, Merali says.
London-based Abraaj, considered the largest private equity firm in the Middle East, invests in emerging markets throughout Africa, Latin America, the Middle East, South Asia, Southeast Asia, Turkey and Central Asia. The firm has about $7.5 billion in assets under management. In August, the firm invested in Turkish real estate, and in June, Abraaj bought Fan Milk International.
For more on Abraaj’s emerging markets investment strategy, see “10 Emerging Markets to Watch.”