Africa-focused private equity firm, AfricInvest announced it has sold its 20.6% stake in Cotugrain Hortimag, a Tunisian producer of seeds, fresh vegetables and young plants for export, in a secondary sale to BIAT Capital Risque and company owner Adel Ghariani. Details of the value of the deal were not disclosed.
AfricInvest first backed Cotugrain Hortimag in 2007, since when the company has achieved significant growth, quadrupling its turnover and quintupling its EBITDA. The company now employs more than 800 people and has expanded out of Tunisia, establishing a production and trading company in Algeria.
Commenting on the transaction, Cotugrain Hortimag’s founder said “My first experience with a private equity fund was with AfricInvest. We have worked extremely well together over the past nine years and I am happy to see what the Group Cotugrain Hortimag has been able to achieve in terms of value creation and growth.”