Injaro joins AFIG Funds as shareholder in Ivorian packaging company
Injaro joins AFIG Funds as shareholder in Ivorian packaging company
Injaro Investment Advisors has announced a €2 million equity investment in Nouvelle Mici Embaci.
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Injaro Investment Advisors, a Ghanaian private capital fund manager, has announced a €2 million equity investment in Nouvelle Mici Embaci (NME), a packaging company in Côte d'Ivoire. This marks the second investment of the Injaro Ghana Venture Capital Fund (IGVCF), and the fund’s first investment in Côte d'Ivoire.
IGVCF is joining an existing consortium of private equity investors comprising Advanced Finance and Investment Group (AFIG Funds) and Norfund, which completed a 100% acquisition of NME last year.
Starting with a focus on corrugated packaging, NME has over the last 40 years, diversified its offerings to include industrial printing, production of polypropylene bags, and paper recycling.
Jerry Parkes, managing director of Injaro Investment Advisors commented: “The Injaro team is excited to partner with the NME team, AFIG Funds, and Norfund in this transformational investment. In NME, we envision the emergence of a regional powerhouse in the packaging industry that will continue to make significant contributions to economic growth and employment. For our investors, this investment also represents a credible opportunity to achieve attractive returns and portfolio diversification for their clients.”
Papa Madiaw Ndiaye, board chairman of NME and CEO of AFIG Funds added: “Both AFIG Funds and Nouvelle Mici Embaci are pleased to announce the addition of Injaro Investments, a leading player in Ghana's private capital sector. Welcoming Injaro Investments into our investor consortium, alongside Norfund, is an exciting development. Together, we are committed to advancing this phase of value creation, further solidifying the company's prominent position in Côte d'Ivoire's packaging industry.”
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