IFC proposes funding to PE-backed flower farming business
The International Finance Corporation has disclosed a proposed senior loan of up to €11 million to Star Bright Holdings.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
The International Finance Corporation has disclosed a proposed senior loan of up to €11 million to Star Bright Holdings. The funding will support capital expenditure at the group’s flower farms in Kenya and Ethiopia, as well as its broader operations.
Star Bright specialises in producing summer flowers across East and Southern Africa under the Marginpar brand.
Star Bright is majority-owned by private equity investors AgriVie and Norfund, holding 42% and 25% respectively. They are followed by co-founders Richard Fernandes (19%) and Rob Koning (6%), with the remaining balance held by other minority shareholders.
The group operates 10 flower farms across Kenya and Ethiopia, producing approximately 220 million stems annually for export to European and Asian markets. Furthermore, the group augments its supply by sourcing flowers from three partner farms in Tanzania and four in Zimbabwe.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now