Kingdom Zephyr Africa Management, the pan-African private equity firm, has exited its 11.65 per cent stake in CNIA Saada Assurance, Morocco’s largest auto insurer.
The divestment comes as part of CNIA Saada’s initial public offering on the Casablanca Stock Exchange.
Kingdom Zephyr made its USD27.5m investment in CNIA Saada via its Pan-African Investment Partners/Pan-Commonwealth Africa Partners Funds, alongside co-investor the FMO, in 2006. Since then, CNIA Saada’s operations have grown, helped by the merger of CNIA Assurance with Es Saada in 2009.
Kofi Bucknor, Kingdom Zephyr’s managing partner, says: “Our partnership with CNIA Saada has been very cordial, constructive and productive. We maintain the highest regard for the company and its management and feel that CNIA Saada is well-positioned to build on this success after our exit.”
