M&A Deal Summary

Old Mutual Acquires UAP Holdings

On July 6, 2015, Old Mutual acquired financial services company UAP Holdings from The Abraaj Group and Africinvest

Acquisition Highlights
  • This is Old Mutual’s 3rd transaction in the Financial Services sector.
  • This is Old Mutual’s 1st transaction in Kenya.

M&A Deal Summary
Date 2015-07-06
Target UAP Holdings
Sector Financial Services
Buyer(s) Old Mutual
Sellers(s) The Abraaj Group
Africinvest
Deal Type Add-on Acquisition

Target

UAP Holdings

Nairobi, Kenya
UAP Holdings is one of the composite insurance and financial services companies in East Africa, with headquarters in Nairobi and a network of branches spread across Kenya, Uganda and Southern Sudan.

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Buyer(S) 1

Buyer

Old Mutual

Pinelands, United Kingdom
Category Company
Founded 1845
Sector Financial Services
Revenue 13.6B GBP (2015)
DESCRIPTION

Old Mutual Ltd. is an international financial services company with expanding operations in life assurance, asset management, banking, and general insuarnce. Old Mutual was formed in 1845 and is based in Pinelands, South Africa.

DEAL STATS #
Overall 8 of 8
Sector (Financial Services) 3 of 3
Type (Add-on Acquisition) 6 of 6
Country (Kenya) 1 of 1
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-17 Quilter

London, United Kingdom

Quilter is a UK private wealth management group with £7.6 billion of assets under management. Its clients group includes private individuals, charities and trusts, pension funds, corporate bodies and life companies.

Buy $941M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-04 Old Mutual

Hamilton, Bermuda

Old Mutual (Bermuda) Ltd. is a provider of insurance and investment products.

Sell -

Seller(S) 2

SELLER

The Abraaj Group

Dubai, United Arab Emirates
Category Asset Manager
Founded 2002
PE ASSETS 7.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Abraaj Capital Limited is a private equity firm that seeks investments in the Middle East, North Africa, and South Asia. Abraaj looks for stable, mature businesses and uses a 'buy and build' strategy for growth. Areas of interest include aerospace, healthcare, transportation, financial services, leisure, education, energy, and manufacturing. In addition to its buyout and growth capital investments, Abraaj also invests in real estate and infrastructure. Abraaj Capital was formed in 2002 and is based in Dubai.

DEAL STATS #
Overall 18 of 30
Sector (Financial Services) 3 of 5
Type (Add-on Acquisition) 9 of 14
Country (Kenya) 1 of 1
Year (2015) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-09 Kudu

Riyadh, Saudi Arabia

Kudu is one of Saudi Arabia’s major domestic Quick Service Restaurant (QSR) chains, operating over 280 restaurants across a portfolio of brands. Kudu was founded in 1988 and is based in Riyadh, Saudi Arabia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-07 Mouka

Lagos, Nigeria

Mouka is a manufacturer of foam and spring mattresses, polyurethane blocks, pillows and sheetings used to make furniture. Mouka was formed in 1959 and is based in Lagos, Nigeria.

Buy -
SELLER

Africinvest

Tunis, Tunisia

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1994
PE ASSETS 1.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Africinvest is a private equity firm focused on growth investments in African companies. The Firm generally targets minority investments in small to medium-sized companies, but Africinvest will consider select majority situations. Africinvest does not have any sector preferences and looks to hold for 4 to 6 years. Africinvest was formed in 1994 and is headquartered in Tunis, Tunisia.

DEAL STATS #
Overall 5 of 12
Sector (Financial Services) 1 of 2
Type (Add-on Acquisition) 3 of 5
Country (Kenya) 1 of 2
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-19 Elephant Group

Lagos, Nigeria

Elephant Group is an importer of agro-commodities in Nigeria. It currently imports, markets and distributes rice and fertilizer in the country. Elephant Group is based in Lagos, Nigeria.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-30 Salvador Caetano Auto Africa

Madalena, Portugal

Salvador Caetano Auto Africa operates multi-brand car retail business. The Company is the exclusive auto distributor of Ford, Audi, Seat, Volkswagen and Skoda for Cape Verde and Angola and also Toyota, Renault and KIA in Cape Verde. The Company has a relevant presence in Angola and the largest auto retailer in Cape Verde. Salvador Caetano Auto Africa is based in Madalena, Portugal.

Buy -
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