Abraaj Group, a Dubai-based private equity firm, has agreed to acquire Danish Fan Milk International from the Emborg family from Aalborg together with the private equity fund Maj Invest Equity and the management.
Fan Milk International currently operates through subsidiaries in the rapidly growing markets of Ghana, Nigeria, Togo, Ivory Coast, Benin and Burkina Faso.
With this take over, Fan Milk is now well positioned to embark on further penetration and growth into new African markets.
Fan Milk International board of directors chairman Preben Sunke said: "For more than 50 years, Fan Milk has developed from being a small company producing and selling dairy products in Ghana and with its head office in Aalborg into a truly international dairy group with revenue of DKK 880 million in 2012 and a fantastic brand throughout all of West Africa."
The dairy firm offers frozen dairy products, juice and juice drinks. It manufactures dairy products by reconstituting milk from milk powder from Denmark.
The transaction is expected to close by the end of November this year.
