Private equity firm Fanisi Capital has invested $2.1m in a Kenyan food company European Foods Africa Limited (EFAL) to expand its investment footprint across East Africa’s food processing sector.
The food company will use this fund in form of debt and equity to boost its growth across the country as well as to strengthen its operational systems and ensure stability, KBC reported.
EFAL is involved in the cold chain frozen foods distribution and value addition business. It offers products including pizzas, whole berries and fresh berry beverages.
Fanisi Capital managing partner Tony Wainaina was quoted by KBC as saying: "We are supporting a strong entrepreneur who has developed a good understanding of the evolving local consumer preferences over several years, and has identified a niche product whose demand continues to grow."
EFAL is planning to use this opportunity to enhance its product offering and also to widen its regional customer base.
EFAL CEO Stephan Belzer was quoted as saying: "Fanisi's support and resources will drive the business to differentiate its brand through quality frozen product offering a stable and reliable cold chain system."
In Kenya, Fanisi Capital has already invested in a meat processing business, Ngare Narok Meat Industries and ProDev Group, a grain handling business.