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Abraaj Group, an investor operating in global growth markets, has announced that it has acquired a majority stake in Liberty Star Consumer Holdings (Libstar), one of the largest unlisted food and personal care manufacturers in South Africa.
According to Abraaj, the transaction is a further demonstration of the company’s focus on investment opportunities arising from the growth of large consumer and middle classes across its target markets of Africa, the Middle East, Turkey, Asia and Latin America.
Davinder Sikand, Partner and Head of Sub-Saharan Africa for The Abraaj Group, commented: “The acquisition of Libstar represents another exciting African investment partnership for us”, adding: “We look forward to adding our deep experience in helping accelerate the growth of our numerous FMCG and food businesses, not only across Africa but from our other growth markets as well”.
Liberty Star Consumer Holdings, which operates in 23 business units located in five provinces in South Africa, provides a range of products that covers cheeses, sauces and condiments, packaging supplies, baking aids, herbs and spices, beef and chicken products, pasta, imported European deli products, confectionery snacks, and detergents and washing powders. Some of its most notable customers include McDonald’s South Africa, Woolworths, Shoprite, Pick n Pay, Spar and Tiger Brands.
Source: Abraaj Group
