UAC eyes PE financing for distressed MR Biggs- Sources 

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Nigeria’s foremost conglomerate and Marketers of tasty, nourishing convenience foods, United African Company of Nigeria (UACN) is planning on raising financing from Private Equity investors, BusinessDay has learnt from a reliable source.
The proceeds would be used to give a facelift to the firm’s distressed foods and restaurant business, Mr Biggs, which has been facing turbulent times arising from stiff competitions and poor management structure, according to a source familiar with the matter.
“The firm has reached out to several PE players and are currently in talks with two investors who were former staffs of the embattled Dubai –Based PE firm, Abraaj”, the person who doesn’t want the name in print as they are not allowed to speak on the matter said.
The source, however, did not disclose the amount the firm plans on raising.
UACN was not available to comment when contacted as the phone number on the website of the consumer goods firm was not reachable at the time BusinessDay was filing this report
UAC is a Holding Company with a number of subsidiary, sub-subsidiary and Joint Venture Companies. It is also involved in some strong regional and international partnerships in a bid to enhance sustainable growth.
The partnerships are: UAC Foods Limited – a business partnership between Tiger Brands Limited, holding 49 percent of the equity and UAC controlling 51 percent; MDS Logistics Limited, a joint venture with Imperial Logistics, which holds 49 percent equity with UAC controlling 51 percent and UAC Restaurants Limited, where Famous Brands holds 49 per cent of the equity, with UAC controlling 51 per cent. UAC also operates successful joint ventures in the real estate business and technical collaboration with Akzo Nobel for the manufacture of Dulux Paints in Nigeria.
Since the inception of UAC as far back
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