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Abraaj Group acquire 100% stake in Fan Milk International
Posted on: 21-Jun-2013         Source: GBC
The Abraaj Group, a leading investor operating in growth markets, Wednesdfay announced its agreement to acquire a 100% stake in Fan Milk International (“FMI”), West Africa’s market leading manufacturer and distributor of frozen dairy products and juices.

Established over 50 years ago, FMI possesses an impressive track-record of organic growth in West Africa where it has become the undisputed market leader in frozen dairy products.

FMI currently operates through subsidiaries in the rapidly growing markets of Ghana, Nigeria, Togo, Ivory Coast, Benin and Burkina Faso.

The company has successfully built and controls a unique and fully integrated regional manufacturing and distribution cold chain network, as well as a broad portfolio of convenience food and beverage brands that reaches over 31,000 end-sales points.

FMI, through its subsidiaries, currently sells over 1.8 million products on a daily basis across West Africa.

FMI’s range of frozen dairy and beverage products supply some of the world’s fastest growing consumer, youth and urban markets with projected private consumption growth rates ranging from 4.2% to 9.9% and GDP growth rates of up to 8.3% across FMI’s core, target markets in West Africa[1].

Building on this portfolio of highly recognized brands, FMI is now well positioned to embark on further penetration and growth into new African markets.

According to a Press Statement released on Wednesday, Abraaj will work alongside the company’s strong, locally experienced management team to tap the ongoing rise of the African consumer class, in FMI’s existing market reach of over 250 million consumers and beyond.

The transaction is expected to close by the end of November this year. Freshfields Bruckhaus Deringer acted as legal advisors to The Abraaj Group. Norton Rose Fulbright acted as legal advisors to Fan Milk International.