Kibo Capital Partners Limited, through a consortium comprising Amethis and Proparco, today announced its partnership with Merec Industries, one of Mozambique’s leading food manufacturer. The closing marks the acquisition of an equity stake by the consortium into the established wheat miller, with a strategy to further develop the company into an integrated packaged food platform.
Financial details of the transaction were not disclosed.
Created in 2001, Merec is a leading miller and packaged food manufacturer in Mozambique with an increasing export capacity. After a successful diversification from a wheat and maize based producer to an integrated FMCG manufacturer (pasta, biscuit and animal feed), this family-owned group has developed a strong footprint over the Southern African region especially in Zimbabwe, Zambia, Malawi, and the north part of South Africa.
Kibo Capital Partners (KCP) is the manager of the Kibo Funds I and II, private equity funds that invest across Eastern and Southern Africa and the islands of the Indian Ocean since 2008. From its offices in Nairobi and Mauritius, KCP partners with established and well-regarded companies to create sustainable long-term value. Combined funds under management of over US$100mn.
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