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Wednesday, 5 September 2018

Five PE firms are kicking the tires of Spinney’s, the Abraaj-owned retailer

** #7 M&A WATCH- Five PE firms are kicking the tires of Spinney’s, the Abraaj-owned retailer: Abraaj Group-owned Spinney’s Egypt is reviewing offers from five unnamed private equity funds hoping to acquire stake in the company from Egyptian shareholders looking to exit their investments, CEO Mohanad Adly tells Al Mal. Talks are still in very early stages, Adly said, offering no further details. We had heard that global private equity firm Actis had made an offer to acquire most of Abraaj Group’s emerging market funds, as the company undergoes a court ordered restructuring and liquidation after it was implicated in a case of misallocated funds. Abu Dhabi Financial Group and a consortium formed by Kuwait’s Agility and New York-based Centerbridge Partners are also in the running.

A potential transaction will not impact the company’s strategy or slow down its expansion plans, Adly said, noting that Abraaj’s legal issues have not affected business. Spinney’s intends to open four new branches in the coming months, with the first in Shorouk City set to launch in November. The other three branches should open in 1H2019. No details on investment value were provided.

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