leading global private equity investor, Abraaj Group, revealed this week that it had acquired majority stake in South African Leading FMCG manufacturer, Liberty Star Consumer Holdings (Libstar). This further brings to fore the investment group’s growing presence in Africa’s business landscape.

“The acquisition of Libstar is another exciting investment Partnership in Africa for the Abraaj Group”, said Davinder Sikand, Partner and Head of Sub-Saharan Africa.

The stake was purchased from long standing shareholders including Old Mutual Private Equity, Metier, Lereko and Development Partners International.

The FMCG Company was established in 2005 by Metier, Robin Smith and Andreies Van Rensburg. It’s brand portfolio contains a diverse array of products such cheese, pasta, chicken products, condiments, packaging supplies, baking aids, confectionery snacks, herbs and spices, detergent and washing powder. Libstar’s customers includes Woolworth, Shoprite, Spar, McDonald South Africa and Tiger brands.

“There comes a time when private equity investors like us need to pass the baton and we trust that Abraaj will run hard and be worthy owners of the business”, Thierry Dalais, Executive Chairman of Metier said in a statement.

The South African grocery retail market is worth $56 billion while the country’s food market is worth $14 billion. Both are expected to grow by 7 percent and 9.5 per per annum respectively for the next half decade.