Old Mutual PE fund backs Malawian macadamia producer
Africa Merchant Capital (AMC) Advisory advised the management team at Gala Agriculture Company, a macadamia plantation that operates 12 farming estates spanning about 6,000 ha in Malawi, on a significant investment by ULIMI Fund, a private equity fund managed by Old Mutual Investment Group Malawi, which is advised by UFF, a specialist agri-investor in Africa.
Gala Agriculture Company, already one of Africa’s largest macadamia estates, will utilise the equity investment to near double its macadamia plantations and production facilities over the next five years.
Jan Louis van den Berg, who led the transaction for AMC Advisory said, “We are proud to have assisted our client to secure hundreds of jobs for the further development of Gala to develop into a globally recognised macadamia estate. The partnership between Gala and Old Mutual Investment Group Malawi brings together a cohesive strategy for both organisations that target high-value crops, increased local employment, and supporting the export markets of African countries, particularly Malawi in the case of this investment.”
UFF is the agricultural fund advisor within the Old Mutual Investment Group, combining commercial agri-investment and sustainability on the African continent to provide investors with a compelling risk/return profile.
George Tselingas, founder and chairman of Gala Agriculture Company commented on the transaction, “We are delighted to partner with Old Mutual Investment Group Malawi and UFF at this exciting point of growth for Gala and look forward to benefiting from their experience in Malawi and across Africa. We believe that Gala will become a pre-eminent macadamia producer in Africa with the potential for a globally recognised retail brand.”
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