Abraaj Group, the private equity firm founded in Dubai in 2002, has bought a minority stake in a Nigerian fertiliser company for an undisclosed sum.
The deal holding will add to the roughly $3 billion the firm has deployed in Africa to date and demonstrates the firm’s continued interest in the continent. Last year, Abraaj Group says it raised $1.3 billion for its Africa-focused funds.
Arif Naqvi, the Pakistan-born founder of Abraaj Group, described the acquisition of a stake in Indorama Fertilizers as a “landmark transaction”.
“Having successfully invested in the fertiliser business in North Africa, we look forward to leveraging that know-how and working with the management team in developing the company’s route-to-market infrastructure, build its network and support its capacity expansion and product diversification plans in the region,” he said.
Abraaj Group says it has about $10 billion under management.
©2016 funds global mena