Impact fund completes Afribon exit to Kerry Group
Impact fund I&P Afrique Entrepreneurs 2 (IPAE2), managed by Investisseurs & Partenaires (I&P), has transferred its shares in Afribon to the Kerry Group, a global leader in the development of taste and nutrition solutions for the food, beverage and pharmaceutical markets.
The pan-African group Afribon, founded in 2012 by Julien Giuge and Anne Merienne, specialises in the development and blending of custom and locally produced food flavours, sold mainly to beverage, candy and dairy manufacturers. Afribon has five production facilities in East Africa (Kenya, Uganda, Rwanda, Tanzania) and one in Cameroon.
IPAE 2 invested in the company in 2018, helping it strengthen and diversify its activities. During this period, significant impact and ESG outcomes of the partnership between I&P and Afribon include:
– On the continental market, imports of food flavours have been substituted by Afribon’s local products;
– Diversification and creation of local flavors;
– Development of new skills on the continent;
– All employees are now formalised and have health insurance; Innovative solutions have been put in place to ensure payment of salaries during the Covid crisis;
– Afribon was certified to ISO 22000 on food safety in Uganda and Kenya;
– A waste and water treatment process has been implemented at the production site in Kenya.
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