M&A Deal Summary

The Abraaj Group and Africinvest Acquire UAP Holdings

On March 1, 2012, asset manager The Abraaj Group and growth capital firm Africinvest acquired financial services company UAP Holdings

Acquisition Highlights
  • This is The Abraaj Group’s 8th and Africinvest’s 1st transaction in the Financial Services sector.
  • This is The Abraaj Group’s 13th and Africinvest’s 1st transaction in Kenya.
Investment Fate
  • UAP Holdings was sold to a publicly-traded strategic buyer in 2015.

M&A Deal Summary

Date 2012-03-01
Target UAP Holdings
Sector Financial Services
Buyer(s) The Abraaj Group
Africinvest
Deal Type Buyout (LBO, MBO, MBI)

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) 2

Buyer

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 126 of 182
Sector: Financial Services M&A 8 of 10
Type: Buyout (LBO, MBO, MBI) M&A Deals 115 of 144
Country: Kenya M&A 13 of 14
Year: 2012 M&A 5 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-28 Viking International

Istanbul, Turkey

Viking is a fully integrated oilfield service company committed to providing services to the oil and gas industry with the goal of exceeding the exploration needs of operators. Viking currently maintains operations within the regions of Turkey, Bulgaria, and Romania, with expansion plans into geographically strategic underserviced emerging markets. Services are available in a variety of forms, ranging from single service jobs to total project management in which contracts can be tailored from day-rate to complete turnkey contracts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-03-05 BigBasket

Bangalore, India

BigBasket is India's first comprehensive online grocery store. The Company's founding team has deep offline and online retail experience having pioneered e-commerce in India with India's first e-commerce site FabMart.com in 1999, and then setting up and running the Fabmall - Trinethra chain of supermarkets (now called "More"). The Company launched operations in Bangalore in December 2011. BigBasket offers a range of merchandise that can rival that of any physical store. The Company also provides a guarantee for on-time delivery, lowest prices, and great quality. BigBasket was formed in 2011 and is based in Bangalore, India.

Buy -
Buyer

Africinvest

Tunis, Tunisia

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1994
PE ASSETS 2.0B 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 6 of 57
Sector: Financial Services M&A 1 of 8
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 10
Country: Kenya M&A 1 of 7
Year: 2012 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Kiboko Holdings

Mauritius

Kiboko Holdings Ltd. is a holding company owning eight East African companies active in the pharmaceutical industry (through the manufacture and distribution of pharmaceutical products), and in the general distribution industry through the distribution of fast-moving consumer goods (FMCG).

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Somatral

Sousse, Tunisia

lian group Permaflex in 1968. It manufactures and distributes mattresses and bedding products and is located in the industrial zone of Sousse. The company holds 40% of the Tunisian spring mattresses market and has expanded its distribution network to the Maghreb Region.

Sell -