AfricInvest, a leading pan-African mid-cap-focused private equity firm, is pleased to announce that its
AfricInvest Fund III has invested in Silafrica Plastics and Packaging International Limited (“Silafrica”), the
leading East African plastics and packaging group with operations in Tanzania, Kenya, Ethiopia, Uganda
and India. Silafrica has been operating since the 1960s providing plastic and packaging solutions to a
wide variety of sectors for both corporate and retail consumers. Products manufactured by Silafrica
include water tanks, crates, preforms, tubs, containers, pens, chairs, pallets and kiosks. Prior to the
investment, Silafrica was wholly-owned by the Sumaria Group, a conglomerate with interests in
numerous industries across Africa.
Through its investment, AfricInvest and Silafrica will aim to consolidate Silafrica’s position and brands in
its current markets, expand its product range and offering, as well as to expand geographically to
capture a higher share of the significant growth expected in the plastics and packaging sector across
African markets.
Commenting on the investment, Skander Oueslati, Co-Head of Sub-Saharan Africa at AfricInvest
said: “AfricInvest is excited about the opportunity to work with an established regional player in a growth
sector. This partnership will not only allow Silafrica to leverage AfricInvest’s infrastructure and footprint in
Africa, but will also take advantage of our firm’s long experience and expansive network.” George Odo,
Senior Partner and MD East Africa added, “This transaction exemplifies AfricInvest’s core strategy:
investment in a sector where we already have considerable knowledge, with a strong and credible local
partner like the Sumaria Group, working with a business that is already a market leader and is aiming to
become a regional champion.”
According to Ankush Shah, Managing Director, Sumaria Group: “As the third private equity investment
Sumaria companies have accepted, this signifies once again our commitment to creating value for our
stakeholders across our range of businesses. We are very pleased to be working with AfricInvest, who
have a strong track record both regionally and across Africa.” Akshay Shah, Managing Director of
Silafrica, added, “The partnership with AfricInvest will help us consolidate our position and execute
Silafrica's strategy to expand its manufacturing footprint to ten countries in Africa. We believe in building
strong partnerships with our employees, customers, suppliers and partners, and we certainly see
Africinvest as an ideal partner to add strategic value to our business growth strategy."
For enquiries, please contact:
Ann Wyman, Investor Relations, AfricInvest (+216 71 189 800)
Skander Oueslati, Senior Partner, AfricInvest (+ 216 71 189 800)
George Odo, Senior Partner, AfricInvest (+254 728 606 975)
« Back to Member News
