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Aureos Southern Africa Fund acquires stake in catering company ACE28/08/2007. Source: AltAssets. 
 Aureos Southern Africa Fund has acquired a 49 per cent stake in South African catering firm Allied Catering Equipment.
ACE manufactures and supplies catering equipment, primarily to prisons, hospitals, hotels, the fast food industry, mines, universities and schools.
The company provides a platform to buy, build and grow businesses in this sector and create an integrated operation that supplies catering, refrigeration, heavy-duty kitchen equipment and related products to its existing and new customers, Aureos said in a statement.
Ron den Besten, a managing partner of ASAF, said, 'The acquisition accelerates Aureos's strategic initiative to advance a platform to provide kitchen solutions to the catering industry and build upon Allied Catering's calibre of employees, the quality of their products and markets that the company operates in.'
Douglas de Vries, also a managing director of ACE, added, 'We are pleased with Aureos' strategic acquisition, which will place us in a better position to both develop our existing business and take advantage of the many opportunities in South Africa and the African continent where Aureos has a strong footprint.'
Aureos is aiming to double funds under management to $1.2bn over the next 12 months and is currently raising new funds for the $300m Aureos Latin America Fund, and the $100m Aureos Central Asia Fund. Aureos plans to establish a pan-African fund at the beginning of next year.
Copyright © 2007 AltAssets
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