South Africa: Ascension Private Equity Fund I in food deal

Ascension Private Equity Fund I has acquired a 45% interest in Paul’s Muesli, a South African manufacturer of muesli, granola and cereal bars. Paul’s Muesli also sources, imports, and supplies a wide range of oats and dried fruit, seeds and nuts to the retail and wholesale breakfast cereal market.

Ascension will hold its interest alongside the founder and CEO, Paul Ruiter and the long serving management team. The transaction also enhances Paul’s Muesli’s empowerment credentials which will support its customers’ procurement strategies and aid in unlocking new opportunities for the business.

Ascension’s chief executive officer, Kabelo Moja says, “Paul’s Muesli cereal bars appeal to an increasing global consumer trend towards snackification (which is the replacement of larger meals with snacks that are consumed more frequently) and consumers’ need for convenient on-the-go meals which are healthy. This is an exciting investment with significant opportunity for growth in this market. We look forward to unlocking value alongside the management team.”

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