Dubai-based private equity firm Abraaj Group is targeting investments in North Africa, having confirmed its interest in an Egyptian food company and completing the acquisition of a stake in a private hospital in Tunisia.

Abraaj issued a statement on 13 July saying it has submitted an expression of interest (EoI) to shareholders that represent a controlling stake in Egyptian Company for Foods (Bisco Misr) on behalf of funds advised by Abraaj.

Bisco Misr is Egypt’s main supplier of baked goods and confectionery.

Abraaj has outlined its plans to issue a tender offer on the Egyptian Stock Exchange to acquire up to 100 per cent of the shares in the company.  

The private equity house has also completed the acquisition of a majority stake, through a fund, in Polyclinque Taoufik, a major private hospital in Tunisia. The hospital is the second-largest in the country in terms of bed capacity.

In a statement released on 14 July, Abraaj said it aims to further increase patient capacity, add new services and renovate the hospital.

It sees strong growth potential in North Africa’s healthcare sector as the region’s population and life expectancy is set to rise in the coming years.

The private equity firm has a track record of North African investments, with its current portfolio including a Tunisian baked goods company called Moulin d’Or and Tunisian plastic injection firm Plastic Electromechanic Comapany. It also owns a stake in Egypt’s Orascom Construction.