AgDevCo invests in East African flower producer
East African Magical Farms (EMF), a carnations producer with farms in Ethiopia and Kenya, has secured investment from AgDevCo to expand into two further farms in the Naivasha area of Kenya.
EMF currently produces on 60 hectares for export to Europe, the Middle East and the Far East. With the planned expansion in Kenya, EMF will substantially increase its production and assortment by opening at least two new production locations.
Dirk Hogervorst, CEO of EMF commented, “We are delighted to be concluding this financing with AgDevCo. EMF has already established itself as a supplier of some of the best quality carnations available in Europe, which is opening doors for us in other global markets. Our customers want more of our flowers. This financing will allow us to significantly expand our production and portfolio in Kenya – where we started producing at Kinangop Farm in 2022 – while maintaining our reputation for top quality carnations.”
The market for premium carnations continues to grow in Europe. Ideal climatic conditions in Kenya combined with EMF’s technical expertise, result in high yields of the highest quality flowers, at a lower unit cost and lower carbon footprint than European producers, where flowers are typically grown in heated greenhouses.
Farms in Naivasha are less than a day’s travel to the international port of Mombasa, with sea freight links to Europe and other key markets.
AgDevCo’s managing director for East Africa, Rebecca Sankar said, “We’re pleased to be making our first floriculture investment by partnering with EMF for this significant development in Kenya’s flower industry. We have been impressed by EMF’s commitment to quality jobs and sustainability, including actively exploring the future use of sea freight to minimise its carbon footprint. We see potential for continued growth in premium carnations internationally. This will increase rural employment and skills in a niche but high value segment of the Kenyan floriculture industry.”
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