ACE & Company successfully exits Moulin d'Or in Trade Sale

30 January 2015

ACE & Company, a global private equity group, 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 is a leading producer of baked goods that 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.”


ACE & Company, co-founded in 2005, is a global private equity group specialized in co-investments. By combining the in-house team capabilities with those of our partners, ACE is able to source, provide due diligence, and execute on superior investment opportunities. This collaborative vision allows for a more efficient diversification across the different investment stages of private companies globally. Within this broader set of opportunities, the company strives to facilitate the efficient allocation of capital to the most attractive industries and markets on a risk-adjusted basis. ACE aims to actively improve investment returns by adding strategic value to both its portfolio companies and sourcing partners by leveraging its broad investment knowledge.


The Abraaj Group is a leading private equity investor, purpose-built for operating in the growth markets of Africa, Latin America, the Middle East, South Asia, South East Asia, Turkey and Central Asia. Employing over 300 people, Abraaj has over 25 offices spread across six regions with hubs in Istanbul, Mexico City, Dubai, Mumbai, Nairobi and Singapore. The Group currently manages c. US$ 7.5 billion across more than 20 regional, sector and country-specific Funds, encompassing private equity and real estate investments. Abraaj has realized over US$ 4.9 billion from more than 80 full and partial exits, and Funds managed by the Group have made over 200 investments across 10 sectors including consumer, energy, financials, healthcare and utilities. The Group is committed to the highest environmental, stakeholder engagement and corporate governance standards and is a signatory to the United Nations-backed Principles for Responsible Investment and the United Nations Global Compact. Abraaj’s founder, Arif Naqvi, was appointed to the United Nations Global Compact Board by UN Secretary General Ban Ki-moon in 2012.


Founded in 1990 in Tunisia, Moulin d’Or has generated a great deal of success as a leading producer of baked goods. It began by specialising in the production of packaged bread but later went on to introduce a complete range of cakes, baked snacks and other packaged breads as part of its repertoire of products.