Injaro exits maize seed producer in Ghana, M&B

28 Jun 2021

Injaro Agricultural Capital Holdings Limited (“IACHL”), the impact investment fund managed by Injaro Investments, announces the sale of its 30% stake in seed producer M&B Seeds and Agricultural Services Ghana Limited (“M&B”) to the founder and other shareholders. This share sale represents a full exit from M&B after a holding period of ten (10) years. 

Injaro invested in M&B in May 2011. The company aimed to leverage the investment from Injaro to expand its processing capacity, increase seed production through both its farm expansion and the set-up of an outgrower scheme, improve marketing and strengthen middle management. 

Following the investment, M&B has achieved 9-year average revenue growth of 67.5% per annum, added on 5,000MT of processing capacity, and produced in 2020 more than 26x its annual production as of 2011. M&B has increased its number of outgrowers by more than 12x and generated incomes for over 30,000 indirect beneficiaries over the life of the investment  

Speaking about this transaction, Ben Kemetse, founder and CEO of M&B said “I set out 13 years ago to develop a leading hybrid seed production company to boost yields and enhance food security. At the time, I had the technical skills but needed a partner who would support us with all the other essential things a business needs to grow. I found such an invaluable partner with Injaro whose investment and value creation support has not only led to the growth of my business but also improved my business acumen to continue running M&B. I am optimistic about the future expansion prospects for M&B. I strongly believe having a long-term patient investor such as Injaro is critical to the growth of small agribusinesses." 

Commenting on the investment and exit in M&B, Jerry Parkes, Principal at Injaro Investments said “Agriculture continues to remain the most important sector in West Africa for food security, job creation, and poverty alleviation in rural areas. Injaro maintains that investing along the agricultural value chain, especially supporting the growth of local seed production companies, is critical to improving agricultural productivity in the region. The M&B experience demonstrates the power of private equity as a critical catalyst for economic growth in Africa, providing business support and capital to build resilient SMEs. The Injaro team is gratified by the direct link between its work and over 30,000 beneficiaries in Ghana alone. We are also especially grateful to IACHL’s investors who have remained patient and supportive during this long journey with M&B. 

M&B is a part of IACHL’s agribusiness SME portfolio in Ghana that includes Agricare and Sekaf, both important contributors to the national economy and which have seen significant growth following their engagement with Injaro. Agricare is the oldest feed producer in Ghana that works with over 1,000 maize outgrowers and provides compound animal feed to both smallholder and commercial farms in Ghana. Sekaf Ghana Limited is a growing company making shea-based personal care products under the TAMA® brand and works with a network of over 3,000 rural women nut collectors. 

Notes to Editors  

About Injaro Agricultural Capital Holdings Limited []

Injaro Agricultural Capital Holdings Limited (“IACHL” or the “Fund”) is a fund focused on agricultural SME investments in West Africa. IACHL aims to deliver long-term capital appreciation for its investors while generating positive social development impacts in the West Africa region. IACHL’s investors include CDC, FMO, PROPARCO, the Adolf H. Lundin Charitable Foundation, the Soros Economic Development Fund (SEDF), the Alliance for a Green Revolution in Africa (AGRA) and family offices based in North America and Europe.

About Injaro Investments []

Established in 2009, Injaro Investments is a private capital investment firm with a long track record in SME investments in Africa. Injaro makes investments in debt, quasi-equity, and equity in African SMEs, deploying capital and solutions to create value for partners and investors. Injaro’s experience includes managing Injaro Agricultural Capital Holdings (“IACHL”), a US$49m impact investment fund focused on SME investments across the agricultural value chain in West Africa. Injaro’s investment portfolio has generated $107m of revenues and benefitted more than 3.7 million persons, mainly comprising smallholder farmers, low-income persons and their families.  For more information, please visit or follow @injaro on Twitter and Injaro Investments Limited on LinkedIn 

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