Dutch PE fund buys stake in Kenya macadamia firm
Dutch private equity fund DOB Equity has bought a stake in Kenyan-based agro-processing company Ten Senses Africa to help it capitalise on the fast-growing demand for macadamia nuts.
The investment will fund the company’s expansion of its processing capacity and finance the launch of new products.
Ten Senses buys nuts from farmers in Kenya’s coastal region.
“We expect the growing global demand for health-conscious and natural, organic products to continue over the long-term. As one of the largest certified organic producers in Kenya, Ten Senses is well-positioned to benefit from these trends,” said the CEO of DOB Equity Brigit van Dijk-van de Reijt in a statement.
The PE fund however declined to disclose the amount invested in Ten Senses or the shareholding it will control in the company. DOB’s portfolio includes online retailer Copia, pay-as-you-go solar provider M-Kopa, solar lighting and appliances firm Barefoot Power, low-cost chain of schools Bridge International Academies, and Lake Victoria ferry operator Globology Ltd.
“We are very pleased and looking forward to working with DOB Equity on the expansion of Ten Senses,” said CEO of Ten Senses Africa Frank Omondi.
“We have an ambitious growth trajectory and to unlock the full potential throughout the value chain, we need a local partner like DOB Equity that understands what it takes to secure sourcing, improve the process and enter new markets,” he added.
Demand for organic, traceable and fair-trade nuts and their products from Africa is on the rise. Source: Business Daily