Ghana: Criterion Africa Partners in forestry deal
Criterion Africa Partners, a private equity firm investing across the forestry value chain in sub-Saharan Africa, has completed an investment of up to $17.1 million in Form Ghana, one of the largest reforestation companies in Africa.
Form Ghana owns and manages timber plantations in Berekum and Akumadan, both in Ghana, which are planted with 10,000 hectares of teak and indigenous trees and employ approximately 660 people. Form Ghana sells carbon credits and has recently started selling teak from thinning operations.
Form Ghana was established as a pilot project in 2000 and has received substantial investment from SFI Netherlands, a company specialising in reforestation, since 2008. This has allowed the company to develop in a professional manner and led to a loan from the African Development Bank in 2017. As the forestry asset matures, the company is preparing to enter a new phase of commercialisation and substantial revenue growth.
Jim Heyes, managing director at Criterion Africa Partners said, ”We are very pleased with our investment in Form Ghana and look forward to supporting the company and its management team through the next phase of its development.”
Robert Bolier, CEO of SFI added, ”After building one of the most sustainable plantations in Africa over a number of years, we are very happy to have Criterion on board to take Form Ghana to the next level and become the best teak plantation in Africa.”