The Abraaj Group, a private equity firm with operations across the world, will acquire a 100% stake in Fan Milk International, one of West Africa’s largest dairy companies.
Established in Ghana more than 50 years ago, Fan Milk is today one of West Africa’s top producers and distributors of frozen dairy products and juices. In addition to Ghana, the company also operates subsidiaries in Nigeria, Ivory Coast, Burkina Faso, Togo and Benin. It is estimated that Fan Milk currently sells more than 1.8 million products on a daily basis throughout West Africa.
Although it is unclear how much The Abraaj Group will pay for Fan Milk, a statement released by the firm called the deal “the largest ever Africa fast-moving consumer goods private equity transaction in sub-Saharan Africa, outside South Africa”.
Processing coconut into specialist oils
In another deal, South Africa-based private equity fund Agri-Vie recently announced an investment in Vida Oils International, a company involved in the processing of coconut into specialist oils and fats. Vida Oils has its head office in Mauritius and subsidiaries in South Africa and Mozambique.
Vida Oils supplies coconut oil to the food, pharmaceuticals, cosmetics and chemical sectors in South Africa, and the plan is to eventually also export internationally.