Duet Africa Private Equity has announced the acquisition of Abidjan-based Société Africaine des Produits Laitiers et Derives (or SAPLED) from the Sifaoui Group in an undisclosed transaction. The deal is being through the creation of Duet Consumer Ivory Coast Holdings of DCICH, a new platform company for the London-based investor. An expanding population, with increased purchasing power is expected to give rise to greater food consumption and retails sales, delivering annual double-digit growth over the next 5 years.
Founded 25 years ago, SAPLED is one of Côte d’Ivoire’s largest fruit and juice processing manufacturers with exclusive rights to the Tampico fruit juice license in the country as well as Benin, Burkina Faso, Togo and Guinea. Its portfolio of brands and products enjoy high recognition across the region.
Commenting on the transaction, Henry Gabay, Duet’s CEO said “We are delighted to be able to invest in and to partner with SAPLED–a hidden jewel in Ivory Coast- and Africa’s- fast-growing FMCG sector. Côte d’Ivoire is the third largest economy in West Africa in terms of GDP and belongs to Sub-Saharan Africa’s fastest growing economies with a 2014 GDP growth rate of 8.5% and estimated 7.9% GDP growth for 2015.”
Frederic Pecastaings has been appointed as non-executive Chairman of DCICH, while Samir Farhat, a Senegalese entrepreneur who has led several businesses there has been appointed as CEO of SAPLED. Farhat joined SAPLED two years ago, moving to Abidjan to take up the role of General Manager.
Dentons in Morocco and Deloitte in South Africa advised Duet Africa Private Equity group on the transaction.