Private equity firm AfricInvest has invested in Silafrica Plastics and Packaging International which has presence in Tanzania, Kenya, Ethiopia, Uganda and India.
The investment, whose size was not disclosed, through its AfricInvest Fund III is aimed at consolidating the position of Silafrica’s brands in its current markets, raise its product range as well as expand geographically to ten countries on the continent.
“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 to grow,” said Skander Oueslati, co-head of sub-Saharan Africa at AfricInvest.
Silafrica has been operating in the region since the 1960s providing plastic and packaging solutions to a wide variety of sectors for both corporate and retail consumers.
Products manufactured by the firm include water tanks, crates, preforms, tubs, containers, pens, chairs, pallets and kiosks. Before the investment, Silafrica was wholly-owned by the Sumaria Group, a conglomerate with interests in numerous industries across Africa.
“The partnership with AfricInvest will help us consolidate our position and execute our strategy to expand its manufacturing footprint to ten countries in Africa,” Akshay Shah, Managing Director of Silafrica said.
George Odo, senior partner and managing director East Africa said the partnership demonstrates AfricInvest’s core strategy of investment in a sector where they already have knowledge. Source: Business Daily Africa