Norfund invests in chicken producer Irvine's
Norfund invests in chicken producer Irvine's
The investment will allow Irvine's to further scale operations in East Africa.
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The Norwegian development finance institution, Norfund, and Irvine’s Group have signed a $18 million financing agreement to expand operations in high-impact poultry initiatives.
Irvine’s is already a large poultry breeder and supplier of broiler day-old chicks and poultry feed across sub-Saharan Africa. The investment in Buchan, the group’s holding company for its operations in Tanzania, Botswana, Mozambique, and Kenya, will enable it to further scale operations in East Africa.
As part of the agreement, Irvine’s Group, in a joint venture with its long-time partner Cobb, will establish an ultra-modern grandparent farm in Tanzania. This facility will breed parent stock and help reduce the timeline and logistical challenges of importation, thereby increasing the cost competitiveness and ensuring the reliability of the supply chain throughout Africa.
“Irvine’s contribution to promoting agribusiness value chains has been instrumental in creating long-term employment for the youth, particularly in rural areas, thereby driving economic empowerment and enhancing livelihoods. By scaling production capacity and strengthening the local supply chains, Norfund’s investment will improve their capability to serve more smallholder farmers and create new jobs for East Africa’s fast-growing youth population,” said William Nyaoke, Norfund’s regional director for East Africa.
“These funds will fuel the next chapter of our growth, enabling us to continue driving our purpose of changing lives in Africa by providing accessible, high-quality protein while empowering local businesses. This investment into the poultry industry goes beyond Irvine’s by improving our ability to supply and service our growers, thereby empowering them to uplift their communities but also drive sustainable economic growth, ensuring that nutritious protein reaches every market we serve,” said Craig Irvine, group CEO of Irvine’s.
Africa Insight Advisors, a Tanzania and Kenya-based boutique management consulting and transaction advisory firm, was the originator and financial advisor for the transaction.
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