Admaius Capital Partners has signed a deal to back a Tunisia-based consumer foods producer that is part-owned by Ekuity Capital. The deal marks Admaius second deal since inception.
The investor has invested in Céréalis – with the deal structured through Power Brands, its holding company.
Financial details of this deal have not been disclosed.
The investor joins Ekuity Capital, which first backed the company Ekuity Capital first backed Céréalis in 2014, injecting an undisclosed amount into the company.
Ekuity Capital is not exiting as part of this deal.
Admaius is structuring the deal through the Virunga Africa Fund 1, targeting between $400 million and $550 million at final close. The fund touched first close in 2021, with capital from Qatar Investment Authority and Rwanda Social Security Board.
The investor then went on to deliver its first deal, backing MFS Africa, a South Africa-based financial services technology company, earlier in 2022.
Admaius was set up in 2021 by Marlon Chigwende, who was previously co-head of Sub-Saharan Africa (SSA) co-head at Carlyle.
Céréalis will use the new capital for capacity expansion, with the company looking grow both organically and through bolt-on acquisitions.
The company is also being backed on track record, with Céréalis having grown rapidly to become Tunisia’s largest salty snacks producer with a range of leading branded products, according to Admaius.
“This investment is an excellent example of Admaius’ differentiated approach to investing in Africa that combines on the ground presence with global private equity expertise,’’ said Marlon Chigwende, managing partner of Admaius. ‘’With our strong networks across the continent and our deep expertise in our core sectors, I am convinced that this approach will result in superior outcomes for our investors and our investee companies.”
Amine Allam, managing director at Admaius also worked on the deal.
Mohammad Al-Nemah, chief executive officer (CEO) at Ekuity Capital represented the investor.
Headquartered in Tunis, Céréalis is a consumer goods company that produces and distributes salted snacks and baked goods for consumers across Tunisia.
The company’s consumer products include flugelhorns, chips-Up, tortillas, shrimp crackers and finger snacks.
Other company’s products include ghosts, sharky starsky, pong and grissini. Céréalis also produces popcorn and candy pop.
Céréalis sources its raw materials from global strategic partners including General Mills, a US-based manufacturer and distributor of branded consumer goods.
The company was set up by the Gahbiche family led by the company’s CEO Karim Gahbiche in 2004.
Created in 2004, Céréalis is led by founder and CEO Gahbiche and employs 200 people as of 2022.
Freshfields acted as global legal advisor to Admaius on this deal.
Meziou Knani & Khlif acted as local legal advisor to Admaius on this transaction.
PwC and Deloitte acted as global financial advisor to Admaius on this deal.
Tunise Valeurs acted as local financial advisor to Admaius on this transaction.
Matine Consulting acted as commercial advisor to Admaius on this deal.
