UAE's Abraaj Group acquires majority stake in Libstar

(MENAFN) Abraaj Group, the emerging market-focused private equity firm, announced it has bought a majority stake in Liberty Star Consumer Holdings (Libstar), a South African food and personal care product manufacturer, Gulf Daily News reported.

Dubai-bused Abraaj, which has around USD7.5 billion worth of assets under management, said it is planning to support Libstar's pan-African growth strategy, including in South Africa and sub-Saharan Africa.

The fund has been targeting a number of acquisitions in recent months in consumer businesses in large emerging markets across Africa, the Middle East and Turkey, which resulted in the fund planning a take-over of Egyptian healthcare company Cairo Medical Centre, as well as finalizing an 80 percent stake buy of Turkish dairy products maker Yorsan earlier this year.

Libstar operates across South Africa through manufacturing, supply and distribution and employs about 4.200 people.