Actis said Monday that it has sold its majority stake in Mouka Ltd. Financial terms weren’t announced. Mouka, of Nigeria, makes foam spring mattresses, polyurethane blocks, pillows and furniture for consumers in West Africa.
London, 7 July 2015: Actis, the global pan-emerging markets investor, today confirms that it has sold its majority shareholding investment in Mouka Limited (Mouka), the leading Nigerian mattress brand, to Abraaj, a private equity investor. Financial details of the transaction were not disclosed.
Mouka manufactures foam spring mattresses, polyurethane blocks, pillows and furniture for consumers in West Africa. Actis invested in 2007 and since then it has expanded the company and its operations across Nigeria; built best in class manufacturing facilities; expanded production and distribution; brought in a first-rate board and institutionalised the organisation, helping Mouka evolve from a well-respected, family owned business into a sustainable, successful corporation.
Speaking on the exit, John Opubor, Director in Actis’s Nigerian office, said: “Favourable demographics are driving growth and a positive consumer environment in Nigeria — the country boasts a large and fast-growing population, high GDP per capita growth, rising urbanisation levels, and an expanding middle class. We saw an opportunity to help Mouka capitalise on this trend and have been pleased with the growth we’ve been able to help the company achieve.”
“Actis would like to thank Mouka’s Chairman Dotun Sulaiman and former MD Peju Adebajo for their service to the company during the period of our investment. They have worked with us to bring about the improvements that Mouka has achieved, and prepared it for a brighter future.”
Hasib Moukarim from the founding family commented: “We would like to thank the Actis team for its contribution to our company’s development. Actis has been a great partner and they have helped us to fulfill our promise to offer durable and quality products for consumers in Nigeria and the wider West African market.”
Nigeria continues to be highly attractive to Actis as an investment destination, and to strategic investors looking to expand their manufacturing footprint and access thriving, growing markets.
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$7.6 billion funds under management. Combining the expertise of over 100 investment professionals on the ground in nine countries, Actis identifies investment opportunities in three areas: private equity, energy and real estate. It operates under the highest standards of ESG in the industry and helped the UN define the code for responsible investing. Actis is proud to actively and positively grow the value of those companies in which it invests and in so doing contribute to broader society.