Private equity firm The Abraaj Group and PROPARCO, the French development finance institution announced the sale of 83% of their combined stakes in Tunisia’s second-largest pharmaceutical company, Unité de fabrication de médicaments (or Unimed) to a consortium of buyers that includes Washington-based SQM, Blakeney Asset Management, the Tunisian-Kuwaiti Consortium of Development (CTKD), and two local investors. Financial terms of the transaction were not disclosed.
Abraaj first invested in Unimed in 2011, since when the company has grown its year-on-year revenues, expanding the number of its marketing authorizations and adopting an exporting strategy which saw 41.5% of its 2014 revenues being derived from 17 counties in North and West Africa as well as the Middle East and Europe.
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