(MENAFN) Emerging market-focused private equity firm Abraaj Group has bought a majority stake in Liberty Star Consumer Holdings (Libstar), a South African food and personal care product manufacturer, Arabian Business reported.
Abraaj has bought shares in unlisted Libstar from its existing shareholders including Metier, Old Mutual Private Equity, Development Partners International and Lereko.
The company confirmed that it would continue to support Libstar's pan-African strategy, including South Africa and sub-Saharan Africa.
The fund, which owns around USD7.5 billion of assets under management, has targeted a number of acquisitions in recent months in consumer business in large emerging markets across Africa, the Middle East and Turkey.
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