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Abraaj exits $150mln Unimed via IPO

Emerging markets private equity firm The Abraaj Group has fully exited its investment in Tunisian pharmaceutical company Unité de fabrication de médicaments or Unimed in the Tunis Stock Exchange’s first IPO of 2016. The offer, which was 32.6 times oversubscribed, was priced at 11.8 Tunisian Dinars, giving the company an implied market valuation of approximately $150 million. Abraaj first invested in Unimed in 2011, partially exiting its holding in December 2015.

During the period of Abraaj’s investment, Unimed has expanded significantly, pursuing an export-led strategy that has resulted in the firm earning 35% of its total revenue from sales to over 17 countries in North Africa, West Africa, Europe and the Middle East by the end of 2015. Revenues in 2015 had almost doubled since 2010, with the company’s EBITDA growing by 78% over the same period.

Unimed, which was founded by Chairman and Managing Director, Ridha Charfeddine in 1989, produces sterile dosage forms such as liquid and powder injectables, intravenous solutions and a range of opthalmic products, and counts global partners such as Pfizer and Maylan among its clients. The company currently holds over 300 marketing authorizations, 97 of which have been earned in the last two years.

“We recognized the healthcare opportunity in North Africa early on, in a market with a growing middle class, rising healthcare expenditure and expanding life expectancy,” commented Adel Goucha, Managing Director at Abraaj, in the statement announcing the deal. “On the back of these demographic fundamentals, Unimed has achieved substantial growth in revenues and expanded its brand across the region through a widened export footprint. We were also able to focus on the development of production technologies and invest in R&D to improve the long-term competitiveness of the business. We are confident that the Company is well positioned for continued growth and success ahead.”

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