FOOD FUND 1 (AFRICAN AGRICULTURE FUND)

GOLDTREE
Country: Sierra Leone
The business: Palm oil milling, outgrower scheme and small nucleus plantation.
Deal type: Developmental
Vintage: 2011
GOLDENLAY
Country: Zambia
The business: Poultry – layers
Deal type: Management buy-out
Vintage: 2012
FERONIA
Country: Democratic Republic of the Congo
The business: Palm oil plantations and mills
Deal type: Developmental
Vintage: 2012
CONTINENTAL BEVERAGE COMPANY (CBC)
Country: Côte d’Ivoire
The business: Water purification, juice manufacturing, bottling and distribution
Deal type: Expansion capital
Vintage: 2013
TORRE EQUIPMENT AFRICA (Torre)
Country: Côte d’Ivoire, Congo DRC, Cameroon, Ghana, Sierra Leone, Liberia, Namibia, Zimbabwe, South Africa, Kenya, Tanzania, Botswana and Mauritius
The business: Specialises in the supply of branded capital equipment, distribution of high-quality spare parts and the provision of reliable repair and maintenance services
Deal type: Expansion capital and buy-out
Vintage: 2016
AAF SME FUND
Fund manager: Zebu Investments, formerly known as DAFML
The fund: The AAF SME Fund’s final close was in May 2014 at US$ 36.36 million, of which US$ 30 million was committed by AAF. Focused on food production and processing at the small and medium enterprises (SME) level throughout sub-Saharan Africa
Portfolio companies: Completed eight agriculture-related investments in eight counties
Deal type: SME private equity fund

DISPOSALS

KANU EQUIPMENT (KANU)
Country: Côte d’Ivoire, Congo DRC, Cameroon, Ghana, Sierra Leone, Liberia, Namibia, Zimbabwe, South Africa, Kenya, Tanzania, Botswana and Mauritius
The business: Specialises in the supply of branded capital equipment, distribution of high-quality spare parts and the provision of reliable repair and maintenance services
Deal type: Expansion capital and buy-out
Vintage: 2016
Partial exit: 2018
GENERAL PLASTICS (GPL)
Country: Kenya
The business: Manufacturer of packaging products servicing major customers in the food, beverage and agro chemical sectors
Deal type: Expansion capital
Vintage: 2014
Exit: 2018
MERIDIAN
Country: Malawi, Mauritius, Mozambique, Zambia and Zimbabwe
The business: Manufacture and distribution of specialised fertiliser blends, processing and storage of agricultural products, and a chain of retail stores
Deal type: Expansion capital
Vintage: 2014
Exit: 2019
FARMING AND ENGINEERING SERVICES (FES)
Country: Malawi
The business: Agricultural engineering and equipment distribution
Deal type: Buy-out
Vintage: 2013
Exit: 2020

CASE STUDIES