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News > Private Equity > Exits

Abraaj and PIC exit Libstar

Africa Global Funds
May 23, 2018, 10:06 p.m.

Word count: 267

The Abraaj Group and The Public Investment Corporation have exited Libstar, a supplier of high-quality products in the consumer packaged goods industry, in $237m IPO on the Johannesburg Stock Exchange. 

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The Abraaj Group and The Public Investment Corporation have exited Libstar, a supplier of high-quality products in the consumer packaged goods industry, in $237m IPO on the Johannesburg Stock Exchange. 

Abraaj owned a 61% stake, whereas PIC had a 16.8% stake in the company.

Libstar Holdings listed in the "Food Products" sector of the JSE's main board.

Libstar began their journey in 2005, as an investment holding company investing in companies operating in Fast Moving Consumer Goods (FMCG). 

It is now one of the largest food and personal care manufacturers in South Africa, operating 27 business units across the country.

Libstar owns renowned brands such as Lancewood, Cape Herb & Spice and Goldcrest.    

The IPO was priced at R12.50 per share, at the bottom of the previously announced price range of R12.50 to R16, and valuing the company at R8.5bn.

Andries van Rensburg, CEO and co-founder said the decision to embark upon a JSE listing is an exciting step in the next phase of Libstar's development and growth story. 

"This is an historic day for Libstar. The business was established back in 2005 and we have grown it into an R8.8bn turnover company with a compound annual growth rate of 23% over the last three years.” 

“We are proud to be making our debut on the JSE and giving our new shareholders the opportunity to have a stake in the future growth of the business. The R1.5bn new capital we have raised will allow us to invest more into the business and therefore grow our range of products and expand our operations."

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