Dealmaker's Log: Five notable African food and beverage deals
We highlight five food and beverage sector investment deals as featured in our Dealmaker’s Log.
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We highlight five food and beverage sector investment deals as featured in our Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe to this service here
1. South Africa: Alterra-led consortium buys Chill Beverages
Alterra Capital Partners has partnered with South Africa’s Mineworkers Investment Company and Admaius Capital Partners, to acquire a majority stake in Chill Beverages from Old Mutual Private Equity. This acquisition marks the first investment by Alterra’s Africa Accelerator Fund.
Chill’s range includes Score energy drinks, Fitch & Leedes premium mixers and Chateau Del Rei sparkling wine. The business has delivered historic growth in excess of 20% per annum. Read the full article
2. Old Mutual Alternative Investments backs South African maize milling deal
Hybrid Capital, a division of Old Mutual Alternative Investments, has provided a bespoke funding solution to Thebe Investment Corporation, a black-owned investment management company. The funding will facilitate Thebe’s acquisition of a further 40% shareholding in Pride Milling, one of the largest maize millers in South Africa.
This transaction will see Thebe, together with the existing shareholders, become the majority owner of Pride Milling. Read the full article
3. Aruwa Capital makes follow-on investment into Nigerian hibiscus exporter
Aruwa Capital Management, an early-stage growth equity and gender lens fund investing in Nigeria and Ghana, announced an additional investment into AgroEknor, a hibiscus flower exporter and wellness brand.
Since Aruwa’s last investment in December 2022, AgroEknor has achieved significant milestones, achieving rapid growth through strategic diversification and backward integration. The company has completed its hibiscus flower processing chamber, making it one of only seven approved chambers in Nigeria. This development has significantly boosted AgroEknor’s export capacity and quality, allowing the company to command higher prices for its products and increase its margins. Read the full article
4. Zimbabwe: Spear Capital invests in food company
Private equity firm Spear Capital has announced an investment in Zimbabwean food producer Efoods.
Spear said in a statement: "We’re proud to introduce the newest addition to our portfolio, Zimbabwean food producer Efoods. Efoods produces a range of sauces, sachets and honey under the Mr Sauce, MiriPiri and Natural Forest brands.” Read the full article
5. South Africa: Heritage Capital invests in Fairview Cheese
South African private equity fund manager Heritage Capital has made an investment in Fairview Cheese.
This move marks the culmination of Heritage Capital's maiden fund investment endeavours.
Heritage Capital has partnered with Nurture Brands, a long-term investor in the growing functional and convenience food sector. Read the full article
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