10 African agribusiness and food PE deals in 2020
Africa Private Equity News looks at a selection of agribusiness- and food-related private equity deals that came across our desk in 2020.
EXEO Capital, a pan-African private equity investment manager, has announced the investment by its food and agribusiness fund, Agri-Vie Fund II, in Glacier Products Limited – the producers of Kenyan ice-cream and chocolate brand Dairyland.
DOB Equity, a Dutch family office, is investing in Victory Farms, East Africa’s largest commercial fish farm. Victory Farms is a vertically integrated aquaculture business, owning hatchery ponds, deep water cages, a processing plant and cold chain distribution.
Development Partners International, a pan-African private equity firm, has announced the signing of Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP) landmark combination with Comptoir Agricole de Souss (CAS), creating a major new player in the Moroccan and African agricultural industry with combined sales of MAD 1.6 billion ($175.6 million). CMGP is an African provider of irrigation solutions and water infrastructure, with operations across Morocco and West Africa. CAS is one of the leading players in the agri-supply sector in Morocco, operating in three segments: irrigation, crop protection, and seeds and fertilisers.
Climate Fund Managers (CFM) and Eos Capital have announced a partnership between Climate Investor Two (managed by CFM), Kelp Blue and the Namibia Infrastructure Development and Investment Fund, managed by Eos Capital, for the commercial development of the world’s first large-scale kelp farm. Investment of approximately $60 million will be required over a five-year period.
Tomato Jos, an agro-processing company focused on the local production of high-quality tomato paste for the African market, completed a €3.9 million series A round. Goodwell Investments, via its West Africa partner Alitheia Capital, led the round with participation from Acumen Capital Partners and VestedWorld.
Ethiopian private equity company Cepheus Growth Capital Partners made an investment into East African Lion Brands Manufacturing Share Company (Lion Brands), one of Ethiopia’s leading domestic manufacturers of fast-moving consumer goods (FMCG) products in the home care, personal care and food segments. With this investment, Cepheus Capital will hold a significant minority ownership stake and provide strategic, managerial, and operational support to Lion Brands.
Phatisa Food Fund 2 and a group of co-investors – Norfund, Mbuyu Capital and DEG – have acquired integrated agricultural solutions provider Farming and Engineering Services Limited (FES), the single largest investor in Malawi’s agricultural equipment industry. FES is also expanding into Zambia.
The sophomore fund of Zebu Investment Partners, the Africa Food Security Fund, has closed its investment in Tanzania’s Royal Oven Limited. Royal Oven is a quick-service restaurant retail bakery chain, offering a diverse range of products which combine traditional Tanzanian food with international bakery trends.
DOB Equity, a Dutch family-backed impact investor in East Africa, has made a further investment in Tanga Fresh, the biggest dairy processor in Tanzania. Tanga Fresh has been a DOB Equity portfolio company since 2007.
Good Nature Agro, a Zambian company working from end-to-end within the specialised legume value chains, closed a series A equity funding round totalling $2.1 million. Goodwell Investments led the round with participation from existing seed investors Global Partnerships and FINCA Ventures.
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