Chedid Capital acquires
half of City Brokers
Plans more deals in five other countries
Chedid Capital, a local insurance and reinsurance firm, announced this week that it has acquired 50 percent of City Brokers Ltd. (CBL), an insurance brokerage company based in Mauritius.
Farid Chedid, founder and CEO of Chedid Capital, said: "We see Mauritius as an ideal platform for expansion across East African markets.” The acquisition is part of the company’s expansion plan, which includes five new countries through Europe and the MENA region by 2017.
CBL has a large portfolio of clients in Mauritius and other east African nations and is considered one of the largest brokerage firms in the island country.
“Mauritius is a hub for major administrative and financial companies and this is why we saw this as an opportunity for us,” he said.
GML Investissement, a Mauritian group of companies, owns the remainder of the company. Chedid Capital entered into a joint venture with GML Investissement last year. “This was our first deal together and we aim to go into other deals jointly with the company in the future,” he said.
The Beirut-based Creed Capital and Mauritian BDO were consultants on the deal.
Reported by Yassmine Alieh
Date Posted: Oct 09, 2015