Private equity firm the Abraaj Group has invested in African Industries Services Group.
Cote d’Ivoire-based African Industries manufactures components for engineering companies. Terms of the investment were not disclosed.
The company has operations in Benin, Togo, Guinea, Senegal, Burkina Faso, Liberia and Sierra Leone. Abraaj’s investment should allow African Industries to expand service offerings and upgrade an existing inventory management system.
For Abraaj, a London-based private equity firm that focuses on investments in emerging markets; this is the first investment in Cote d’Ivoire. Abraaj, the largest PE firm in the Middle East, has recently invested in Steripharma, a Casablanca, Morocco, company that makes pharmaceutical products. In August, the firm invested in Turkish real estate through a partnership with BLG Capital. In June, the firm bought Fan Milk International, a company that manufactures and distributes frozen dairy products and juices.
For more on Abraaj’s investments in emerging markets, see “10 Emerging Markets to Watch.”