Fan Milk bought in a deal

Fan Milk has been bought by an investor Abraaj Group in what is believed to be a landmark transaction in the fast moving consumer goods (FMCG) sector.

Abraaj, in a statement June 19, 2013, said  it has acquired 100% stake in leading African frozen dairy business which was established over 50 years ago.

The transaction is expected to close by the end of November this year.

According to Abraaj, the acquisition represents the largest ever African FMCG private equity transaction in sub-Saharan Africa, outside South Africa.

“This is a landmark deal for both African Private Equity and the Abraaj Group. The considerable investment and growth plans we have for FMI mirror the scale and depth of investment opportunities that we believe are now abundant on the African continent,” Arif Naqvi, Founder and Group Chief Executive of the Abraaj Group, said.

Preben Sunke, Chairman of Fan Milk International said “…we are extremely proud to have built both a strong business and a platform on which to take the company further on the African continent.”

FMI currently operates through subsidiaries in Ghana, Nigeria, Togo, Ivory Coast, Benin and Burkina Faso.

By Ekow Quandzie