Abraaj is selling its Kenyan interests including Java & 10% Brookside stake

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Dubai-based private equity firm Abraaj Group is looking for a buyer of its private equity business which includes major stakes in more than 200 companies according to reports by Wallstreet Journal.

According to the Journal, Abraaj has approached a number of sovereign-wealth funds in the Middle East including Abu Dhabi’s Mubadala and Abu Dhabi Financial Group though talks are at an early stage.

Abraaj’s Kenyan portfolio includes;

  • 100% Stake in coffee chain Java House which is valued at more than Sh 10.3 Billion.
  • 18 clinics and 10 hospitals which include major stakes in; Nairobi Womens Hospital, Avenue Group Hospital (56.2%), Metropolitan Hospital and Ladnan Hospital.
  • A 10% stake in Brookside Dairy, the largest milk processing company in East Africa, controlling more than 60% of the market.
  • 21% stake in Seven Sea Technology (SST), an IT solutions provider with operations in Kenya, Uganda and Rwanda.

Just last month, the Dubai PE fund was accused by four of its major investors in the health care business that their money wasn’t used for its stated purpose in Kenya and two other countries. The Bill & Melinda Gates Foundation, World Bank’s IFC, UK state run CDC Group and Proparco Group, who have pledged about a quarter of the fund, hired U.S. corporate investigation firm Ankura Consulting to look into the matter.

Preliminary results of the investigation indicate that money was moved out of the health-care fund according to the Journal. The four investors are still deliberating on what action to take but media reports indicate that they could recommend disbandment of the fund.

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