Actis today confirms that it has sold its majority shareholding investment in Mouka Limited (Mouka), the Nigerian mattress brand, to Abraaj, a private equity investor. Financial details of the transaction were not disclosed.
Mouka manufactures foam spring mattresses, polyurethane blocks, pillows and furniture for consumers in West Africa. Actis invested in 2007 and since then it has expanded the company and its operations across Nigeria; built best in class manufacturing facilities; expanded production and distribution; brought in a first-rate board and institutionalised the organisation, helping Mouka evolve from a well-respected, family owned business into a sustainable, successful corporation.
Speaking on the exit, John Opubor, Director in Actis’s Nigerian office, said: “Favourable demographics are driving growth and a positive consumer environment in Nigeria — the country boasts a large and fast-growing population, high GDP per capita growth, rising urbanisation levels, and an expanding middle class. We saw an opportunity to help Mouka capitalise on this trend and have been pleased with the growth we’ve been able to help the company achieve.”
“Actis would like to thank Mouka’s Chairman Dotun Sulaiman and former MD Peju Adebajo for their service to the company during the period of our investment. They have worked with us to bring about the improvements that Mouka has achieved, and prepared it for a brighter future.”
Hasib Moukarim from the founding family commented: “We would like to thank the Actis team for its contribution to our company’s development. Actis has been a great partner and they have helped us to fulfill our promise to offer durable and quality products for consumers in Nigeria and the wider West African market.”
Nigeria continues to be highly attractive to Actis as an investment destination, and to strategic investors looking to expand their manufacturing footprint and access thriving, growing markets.
For more information, please see here.