Company News Alert – Abraaj Deal Highlights Morocco’s Appeal – JUNE 2014
Middle East & Africa May 2014 / Morocco / Industry
Gulf-based investors are becoming increasingly interested in North Africa, and in the latest development, Dubai-based Abraaj Group has acquired a major stake in the Morocco-based chocolate manufacturer Kool Food for an undisclosed sum. Kool is a fast-growing business with strong growth prospects at home and in the wider North Africa region.
Abraaj has been expanding aggressively across a number of regions. In 2013 it acquired Ghana’s leading dairy company Fan Milk in partnership with Danone for US$300mn, and earlier in 2014 Abraaj teamed up with the European Bank for Reconstruction and Development to acquire a controlling stake in Turkish dairy companyYorsan Group ( see ‘ Abraaj-Yorsan Deal Highlights Long-Term Appeal Of Food Sector ‘ , January 24).
Over the past three or so years, Kraft Foods (now Mondelez International) and Danone have made major acquisitions in Morocco. The country’s food and drink sector is relatively well developed, and the regulatory environment is also perhaps the best in the North Africa region. In our opinion, this makes Morocco a strong base from which to export to the wider region.
| North Africa Has Long-Term Appeal |
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