By Staff writer
Private equity firm says its investment has enabled expansion of Moulin d'Or into leading regional player
Dubai-based Abraaj Group has announced the successful full exit of its investment, through one of its Funds, in Moulin d’Or, a leading producer of baked goods in Tunisia.
The private equity firm invested in Moulin d’Or in 2012 and said it has enabled the expansion of its regional footprint, through the creation of a joint venture in Algeria and the increase of exports to Libya.
The company has also built a strong distribution network consisting of 160 independent distributors reaching over 8,000 points of sale, Abraaj said.
Moulin d’Or intends to further develop its product range at its newly constructed flagship state-of-the-art plant.
Founded in 1990 as a small bakery specialising in packaged bread, Moulin d’Or sold more than 200 million cakes in the past year, contributing to its 47 percent market share in the cake segment in Tunisia.
Moulin d’Or also dominates the cupcake segment, the fastest growing category within the Tunisian baked goods market, with a 67 percent market share.
Ahmed Badreldin, partner and regional head of Middle East and North Africa at The Abraaj Group, said: “Moulin d’Or presented a compelling investment case given the rise of FMCG consumption in Tunisia, a country driven by highly favorable demographics and increasing GDP per capita.
"We saw an opportunity to support a producer of high quality and competitively priced goods. Over the course of Abraaj’s investment, we worked closely with the management team to consolidate its strong position in the local market, and grow its operations and distribution region-wide, generating double digit revenue growth.”
Souhail Ben Aissa, founder of Moulin d’Or, added: “Abraaj has truly inspired us to innovate, with new products, namely the baked donut, win cake, mini crostatini and family cake which were launched in the last three years representing 45 percent of our revenues.
"We have benefited enormously from Abraaj’s strong investment expertise, its geographical reach across the region and its excellent track record of supporting companies looking to capitalize on demographic shifts.”
The Abraaj Group has invested in over 20 food and beverage related businesses globally, including Fan Milk, a dairy producer in West Africa, and Libstar, a food manufacturer in South Africa.