Emerging Capital Partners (ECP), a private equity firm focused on growth capital investing in Africa, has exited Société d'Articles Hygiéniques (SAH), a feminine and baby hygiene products manufacturer, following the company’s listing on the Tunis Stock Exchange. The offering, which closed on December 23, 2013 after two days of subscription, is reported to be the largest to date since the creation of the Tunis Stock Exchange. The fixed offer price of TND9.35 (approximately US$5.65) per share valued SAH at TND270.5 million (approximately US$163.5 million). SAH sold 14,176,590 shares, representing 48.99% of the company’s capital at listing, which allowed ECP’s investment to deliver a reported cash multiple of 2.4x on exit.  ECP originally invested US$47.3 million in the company in May 2008.