Cairo – Mubasher: Investec Asset Management (IAM) announced the acquisition of Spinneys Egypt from Dubai-based private equity firm Abraaj Group in its first private equity investment in Egypt, according to a statement on Sunday. 

The value of the acquisition deal wasn’t disclosed.

The ownership of Spinneys in Egypt has been transferred to the Commercial Bank of Dubai (CBD) as part of a settlement deal with Abraaj.

The grocery retailer has 13 outlets in Egypt, including two hypermarkets and 11 supermarkets.  

In March, Investec was reportedly conducting due diligence for acquiring the grocery retailer.

In September 2018, five private equity firms, including Ezdehar, offered to acquire Spinneys Egypt from Abraaj Group following the collapse of the Dubai-based private equity firm.