Kenyan private equity house Fanisi Capital said on Thursday it had invested $2.1 million in a mid-sized local food distribution and processing firm that sells pizzas, berries and fresh juice.
With its $50 million fund, Fanisi is one of the emerging private equity groups focused on East Africa’s fast-growing economies underpinned by consumer demand.
Fanisi said in a statement it had invested the cash in European Foods Africa Limited (EFAL) through debt and equity.
The company, which distributes its food products to retailers and restaurants in major Kenyan cities, said it will use the new cash to expand its business across the country.
Fanisi, whose fund is backed by the International Finance Corporation, Norfund, Proparco, Finfund, Soros economic development fund and Ludin of Canada, has also invested in a Kenyan meat processor and a Rwandan grain handling business. Source: AFK Insider