South Africa: Heritage Capital invests in Fairview Cheese
South Africa: Heritage Capital invests in Fairview Cheese
South African private equity fund manager Heritage Capital has made an investment in Fairview Cheese.
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South African private equity fund manager Heritage Capital has made an investment in Fairview Cheese.
This move marks the culmination of Heritage Capital's maiden fund investment endeavours.
Fund background
Since its inception in October 2017, Heritage Capital Fund I has been leveraging capital from investors such as the Transport Sector Retirement Fund (TSRF). The infusion of additional institutional investors in May 2021 empowered the fund to broaden its investment horizon, focusing on sectors crucial for South Africa's economic transformation, including industrial, services, and consumer branded goods.
Fairview Cheese: A strategic addition
Fairview Cheese, based in the Western Cape, has a range of over 50 cow's and goat's milk cheeses. The company has recently expanded its offerings to include plant-based cheese and ice cream, catering to evolving consumer preferences.
Strategic partnership and future plans
Heritage Capital has partnered with Nurture Brands, a long-term investor in the growing functional and convenience food sector.
Looking ahead, Heritage Capital is poised to raise Fund II, with a vision to expand its assets under management to over R1 billion.
Riël Mallan, partner at EXEO Capital and chairman of Nurture Brands, commented, "We are delighted to be co-invested with the dynamic team of Heritage Capital in Fairview Cheese. This will hopefully be the first of many collaborations in the functional and convenience food sector between Heritage Capital, EXEO Capital, and Nurture Brands."
"The South African specialty cheese sector is primed for above-average growth, aligning with global trends in cheese consumption," remarks Philile Maphumulo, managing partner at Heritage Capital. "Factors such as increased home-based food consumption, remote work dynamics, and innovative product offerings by producers like Fairview Cheese are anticipated to propel this growth trajectory."
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