PanAfrican private equity firm AfricInvest has announced in a statement published on November 1, that its Maghreb Private Equity Fund II (MPEF II) sold its 20.06% interest in Tunisian seed company Cotugrain Hortimag.

MPEF II sold its stake to a consortium comprising BIAT Capital Risque, the venture capital fund of Banque Internationale Arabe de Tunisie (BIAT), Tunisia’s leading private bank, and the founder of Cotugrain Hortimag, Adel Ghariani.

Cotugrain Hortimag is Tunisia’s number one export-dedicated seed, fresh vegetables and seedlings producer. The firm also imports commodities and machinery for production.

The entry of AfricInvest in the shareholding of Cotugrain Hortimag in 2007 allowed the seed producer to increase its turnover and EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) respectively four and five fold.

The company was also able to achieve its strategic target for regional expansion, by launching a seed production and marketing company in Algeria.

“We are proud to have combined our forces with Mr. Adl Ghariani to help Cotugrain Hortimag achieve such an impressive growth. The firm has become Tunisia’s undisputed leading seed producer,” said Zied Oueslati, co-founder AfricInvest.