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Company News/A/ABRAAJ Capital
Saham, Abraaj Capital enter into financial partnership in Saham Finances
Abraaj Capital, a private equity manager investing in emerging markets, announced that it has made a significant investment through its funds in Saham Finances, an insurance holding company in Morocco and Francophone West Africa (CIMA region), for an overall transaction size of approximately $125m.
United Arab Emirates: Thursday, March 08 – 2012
The investment will support Saham Finances’ ambitious growth and development plans in the wider African continent, where insurance penetration rates remain extremely low.
Saham Finances currently has majority stakes in three subsidiaries – CNIA Saada, Colina and Isaaf – offering a variety of life and non-life insurance propositions. All three companies have strong leadership positions in the markets in which they operate.
CNIA Saada is listed on the Casablanca Stock Exchange and is the second largest non-life insurance provider in Morocco with a 16.2% market share, whereas Colina ranks second in life and non-life segments across 11 countries of the CIMA region (Inter-African Insurance Association) with 11% market share, and has a leading presence in other high growth markets such as Ghana and Angola. Isaaf ranks second in the assistance services market in Morocco with a 46% share. To date, Saham Finances has insured over 5 million customers across Morocco and 10 other countries in the CIMA region.
Abraaj Capital’s investment through its Funds will provide increased growth capital for Saham Finances, facilitating the company’s ambitious growth and integration plans through planned acquisitions in the high growth markets of Africa and the Middle East. Under the terms of the agreement, Abraaj Capital will also make its management expertise available to Saham Finances and its subsidiaries, including through representation on the Board of Directors of the company.
Announcing the investment, Matteo Stefanel, Senior Partner, Abraaj Capital, said, “Our investment in Saham Finances is in line with our focus on supporting strong companies active in high-impact sectors in rapidly growing economies. As a leader in the insurance sector in Morocco and Francophone West Africa, we see tremendous growth opportunities for Saham Finances. The company has one of the best management teams in the sector and a history of successful acquisitions and integrations. At this inflexion point in its growth journey, we are truly delighted to enter into this partnership with Saham Finances and Moulay Hafid Elalamy.”
Moulay Hafid Elalamy, Founder and Chairman, Saham Finances, said, “The African insurance sector represents an extremely attractive investment opportunity. As Saham Finances increases its geographic footprint, we will further contribute to the continent’s continued economic development through the provision of sophisticated life and non-life insurance products for individuals and companies. We are very pleased to partner with Abraaj Capital as we continue to expand our presence and are confident that their deep regional network and expertise will help us achieve our long-term goals.”
Abraaj Capital recently announced the acquisition of Aureos Capital which, pending regulatory approval, would create a truly global emerging markets private equity firm with $7.5bn in assets under management, a presence in 30 countries across Asia, Africa, Middle East and Latin America and 153 investments managed by a seasoned team of over 150 investment professionals.
Notes and media contacts
About Abraaj Capital:
The Abraaj Capital Group is a leading private equity manager investing in emerging markets. Since inception in 2002, it has raised over $7bn and distributed around $3bn to investors. Headquartered in Dubai, the Abraaj Capital group employs over 170 people and has a presence in Riyadh, Istanbul, Cairo, Singapore, Mumbai, London, Karachi, Beirut, Ramallah, Amman, Casablanca, Algiers and Tunis. The group has helped accelerate and facilitate the growth of over 50 companies in 15 countries in the region, in attractive and fundamental sectors such as healthcare, education, energy, aviation and logistics.
The Abraaj Capital group manages eight Funds: four Private Equity Funds, Riyada Enterprise Development (a Fund dedicated to small and mid-cap companies in the Middle East), Kantara (a Fund dedicated to small and mid-cap companies in North Africa), ASAS (an income-generating, real estate Fund) and a 2004 vintage real estate Fund. The Abraaj Capital group currently has over $6bn of assets under management. Funds managed by the Abraaj Capital group have holdings in over 35 companies in the region, which collectively employ in excess of 30,000 people, including Air Arabia, the region’s leading low-cost carrier, Network International, the largest independent payment solutions provider in the Middle East and Africa, Integrated Healthcare Holdings, one of the largest private healthcare groups in emerging markets, and Al Borg Laboratories, the Middle East’s largest privately owned medical testing laboratory business.
In 2011, Abraaj Capital was ranked the largest private equity firm in emerging markets worldwide by Private Equity International. In addition, Abraaj Capital has won many regional and international awards, including the ‘Middle Eastern Private Equity Firm of the Year’ for seven consecutive years, awarded by Private Equity International.
Abraaj Capital Limited, a member of the Abraaj Capital group is licensed by the Dubai Financial Services Authority (DFSA).
About Saham Group:
SAHAM Group operates 3 main divisions:
The Insurance division, grouped within SAHAM Finances, aims to be a regional leader in its sector. It offers a diversified range of insurance products, both life and non-life, in various countries, and follows the highest standards of management. This division is structured around geographical regions, logically defined: subsidiaries are grouped according to such criteria as their geographical proximity, their language, their applicable laws and regulations. The four regions are: North Africa (Morocco, Algeria); West Africa (Ivory Coast, Senegal, Togo, Benin, Mali, Burkina-Faso, Guinea); Central Africa (Cameroon, Gabon, Congo , Southern Africa (Angola, Ghana, Madagascar).
Additionally the division’s structure includes an Asset Management arm, a Reinsurance arm and central functions which support and provide services to all subsidiaries horizontally. The Offshoring division covers all business services activities (phone, BPO, back-office), targeted mainly European clients.
The Health division is present in pharmaceuticals and healthcare across the African continent.
With a consistent growth since 1995, SAHAM Group achieved sales of 5.3 billion and currently employs 5600 people.
For further information on Abraaj Capital, please contact:
Nicholas Nesson
ASDA’A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
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This story was posted by Siba Sami Ammari
Thursday, March 08 – 2012 at 14:31 UAE local time (GMT+4)
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