Global investment company The Abraaj Group has sold its investment in Koba International to private equity firm Capital Group Private Markets, which is part of The Capital Group Companies .

Financial details of the transaction have not been made public. Abraaj made the exit through its ALAF I Fund.

The Abraaj Group managing director for Colombia Daniel Wasserman said: “It has been a privilege partnering with Koba.

“Koba and D1 are very well-positioned to build on their existing success."

“Helping the company grow over the last six years and seeing it become what it is today has been incredibly rewarding.

“Our exit supports the Abraaj investment thesis of combining our financial and operating experience across growth markets with well-managed companies who are positioned for success.

“Koba’s accomplishments have been exceptional and we wish our former partners, management, and Capital Group Private Markets every success for the future.”

Koba is the fifth exit from the fund, which invested predominantly in Mexico, Colombia and Peru.

Capital Group Private Markets made its investment through CIPEF VI, a $3bn fund focused on building a diversified global emerging markets private equity portfolio.

Capital Group Private Markets managing partner Martin Diaz Plata said: “Koba and D1 are very well-positioned to build on their existing success.

“There is a tremendous opportunity for D1 to continue to expand across Colombia, given its strong local brand, impressive track-record on execution, and customer recognition. We are glad to have the opportunity to work with Koba as it enters this important next stage of growth.”

Koba has a chain of D1 supermarkets in Colombia, providing high-quality products retailed at the discounted prices. D1 stores offer around 500 different items.

Abraaj invested in Koba in 2010 when the latter started operations with approximately 20 stores. It currently operates more than 500 stores, and has a workforce of 5,000 employees.