Dar Es Salam, Tanzania and Johannesburg, South Africa, July 27th 2015: Global Alternative Asset Manager The Carlyle Group (NASDAQ: CG) today announced its intention to sell its current minority shareholding in Export Trading Group (ETG) to the company management team/founders.
Founded in 1967, ETG owns and manages a vertically-integrated agriculture supply chain with operations in procurement, processing, warehousing, transportation, distribution and merchandising. ETG has more than 7,000 employees across 30 African countries and operates 30 processing plants and 300 warehouses. ETG connects African smallholder farmers to consumers around the world by procuring, processing and distributing agricultural commodities including maize, pulses, wheat, rice, cashew nuts, soya, fertilizer, sugar, coffee and tea.
Marlon Chigwende, Managing Director and Co-Head of the Carlyle Sub-Saharan Africa Fund, said, “After making our investment in 2012, we have worked alongside the management team and other investors to help ETG grow and build value, while supporting African smallholder farmers. Carlyle has a strong track record of helping companies in emerging markets become highly competitive in today’s global economy, and our time working with ETG has been valuable and rewarding. We wish the ETG team continued success as they take the business forward.”
Ketan Patel, Managing Director of ETG, said, “We thank Carlyle for their commitment to investing in ETG alongside Pembani Remgro, Standard Chartered Private Equity and the company founders. We will continue to focus on expanding operations across Sub-Saharan Africa, India, China and South-East Asia and to create new markets for African smallholder farmers.”
Financial terms were not disclosed. The transaction closed in the third quarter of 2015.
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