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ACE & Company exits Moulin d’Or in a trade sale

Private equity firm ACE & Company has sold its stake in Moulin d’Or, a Tunisian baked goods manufacturer, to strategic investor Supreme Group. 

The firm invested alongside the Abraaj Group, a leading private equity investor, in Moulin d’Or in late 2012.

Moulin d’Or sold more than 200 million cakes in 2014. The company has over 50% market share of Tunisia’s baked goods sector and has also become a leading muffin producer, dominating the country’s fastest growing industry segment.

ACE & Company and Abraaj initially invested in Moulin d’Or in 2012. During the holding period, Moulin d’Or expanded its product offering, improved operations and enhanced its distribution network. It also began the construction of a state-of-the-art manufacturing facility to improve operational efficiency.

In addition, Moulin d’Or managed to establish a presence in Libya and Algeria and developed an extensive distribution network with more than 150 independent distributors, representing more than 8,000 points of sale.

According to Chris Kile, managing director of ACE & Company: “ACE & Company was keen to partner with Moulin d’Or’s ambitious and forward thinking founders due to their history of execution, having organically developed an artisanal quality product line into a market leading brand in their own country while fostering regional growth prospects abroad. We fully expect that the company’s recent growth is only the beginning of a long and prosperous future together with its new strategic partner.”

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