French based Amethis Finance and South African Metier partner to jointly acquire a 40% stake in Kenya’s Kenafric Industries
Amethis Finance and Metier have partnered to jointly acquire a significant minority stake of 40 percent in Kenafric Industries for an undisclosed amount. The transaction is limited to the confectionary and culinary business lines, with the footwear and stationery business lines being operated separately by the Shah family.
“We are excited about the partnership with Amethis and Metier. Through this investment, we will seek to leverage the deep relationships that they enjoy in the region, operational support and a strong capital base to accelerate future growth.”
-Bharat Shah, Chairman at Kenafric
Just for the record, Kenafric Industries is one of the largest manufacturers of confectionery, culinary, stationery and footwear products in Kenya. The company has managed to ensure that 45 percent of its products are sold in 10 African countries outside of Kenya through its impressive distribution network.
Kenafric enjoys a leading position in the packaged food sector, being one of the best known local FMCG brands in East Africa. Kenafric is engaged in the manufacture, branding and distribution of confectionery, snacks, ready-to-drink juices and culinary spices products.
The partnership will allow Kenafric to utilize Amethis’ and Metiers’ experience and relationships in the region, along with a strong capital base, to expand in the East African region. Kenafric will first be targeting to expand into the Ethiopian market.
On the other hand, Amethis Finance and Metier plan to benefit from a fragmented East African market by investing in Kenafric’s existing manufacturing and distribution base to turn it into a regional market leader.
Amethis Finance is a French based Private Equity (PE) fund focused on long term investment in Africa while Metier is a South African Private Equity (PE) fund. Amethis Finance has completed 14 successful investments across Africa. The firm brings to the table valuable expertise in expansion across the continent.
“Having built a trustworthy relationship with Kenafric’s management over the past years, we are excited about this partnership which will allow Kenafric to leverage on its strong existing base to expand into a diversified packaged food platform in East Africa. Thanks to this partnership, Kenafric is now poised to engage into a new phase of its history.”
-Jean-Sebastien Bergasse, Amethis Partner in charge of the project
Likewise, Metier has a successful track record in private equity investing in Southern Africa. Apart from that, it also has experience in similar transactions in the packaged foods industry.
“Metier, as a partner to both the Shah family and Amethis, are glad and proud to seal a partnership with Kenafric to support the business’ future evolution while contributing to the development of the regional consumer goods sector.”
-Paul Botha, Metier’s managing partner
