Abraaj Group acquires majority stake in Nigerian mattress manufacturer
Global growth markets investor the Abraaj Group has acquired a majority stake in Nigeria-based family-owned mattress manufacturer Mouka for an undisclosed amount.
The founding Moukarim family retained a minority shareholding in the 66-year-old company, while former shareholder Actis sold its shares to Abraaj, which planned to expand the business further into the West African market.
Mouka, initially established in Kano, in Nigeria, as a furniture and allied metal products producer for the bedding industry, owned a foam manufacturing plant in Lagos and Kaduna, in Nigeria, and another in neighbouring Benin.
Further, the company’s distribution network comprised some 500 distributors operating through more than 1 000 outlets.
Now, with the acquisition, Abraaj and the Moukarim family aimed to enhance Mouka’s product offering and customer service, while improving its sales and distribution strategy and increasing its market penetration across the region.
“We look forward to expanding the company’s product line into adjacent categories within the bedding space, and growing the product offering to cater for different commercial and industrial applications of foam,” Abraaj MD Zahi El Khatib said in a statement.
Abraaj also aimed to further strengthen Mouka’s corporate governance structures and optimise the health and safety standards, including fire safety and chemical storage, at Mouka’s production facilities.
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