The Abraaj Group Investment in Moulin d’Or

How should a Tunisian baked goods company be valued by a private equity team in the aftermath of the Arab Spring?
Kamel Jedidi, Marco Viola, Mohamad Ghalayini  | Fall 2016
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In May 2012 the private equity firm The Abraaj Group was considering an investment in Moulin d’Or, a Tunisian producer of packaged baked goods. This case presents the company’s historical and projected financials, information on the competitive landscape, and an overview of the macro economic and political environment—and asks students whether Moulin d’Or is an attractive candidate for investment, what valuation to assign it, and what risk factors should be considered.

Case ID: 170502
Supplemental Materials: Teaching Note

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