Fanisi Venture Capital Fund has committed US$6 million for a significant minority stake in Kijenge Animal Products Limited. Kijenge is a diversified agro-processing company based in Arusha, Tanzania engaged in maize milling, animal feed production and poultry (broiler) farming and processing. The company is in the process of building a foundation for its next growth phase that will see it grow and diversify its revenues by upgrading its current production
infrastructure and by introducing new production lines. Fanisi will play an integral role in the company’s next growth phase and will provide growth capital for a significant minority stake in Kijenge.
Commenting on the transaction, Kijenge’s Founder and Chairman, Andrew G. Mollel said: “Having talked to a number of private equity funds over the years, we felt that Fanisi was the right partner for us as it shared the Kijenge vision, and their approach to investing goes beyond the provision of capital. This partnership provides us with growth capital which will enable us to diversify our product offering and further support our customers’ needs ”
Fanisi Capital’s Managing Partner Tony Wainaina hailed the deal and the entrepreneurial spirit the company has experienced under Mr. Mollel’s leadership. Mr. Wainaina said: “We are supporting a company with a long history and a good brand name in the Tanzania market. This deal marks our first transaction in Tanzania and is in line with our sectoral focus areas of agribusiness in the East African region”
With Kijenge, Fanisi has added yet another investment into its portfolio which now stands at 8 companies spread across the region and in various sectors that include agribusiness, education, retail / consumer (FMCG) and healthcare.
The companies Fanisi has invested in include Haltons, a retail pharmacy chain currently operating over 30 outlets in Nairobi, that has recently partnered with Tuskys to roll out store-in-store pharmacies in their outlets; Ngare Narok Meat Industries, which processes and distributes quality meat products across the country; Hillcrest International Schools, a group of premier learning institutions focusing on British curriculum; Prodev Group, a maize milling and commodity trading operation based in Rwanda; Sophar, a pharmaceutical wholesaler / distributor also based in Rwanda; Live Ad, an outdoor advertising firm based in Kenya and European Foods Africa Ltd., a Kenyan cold chain frozen foods distribution firm that currently sells pizzas, berries and fresh juices.
Fanisi Capital is a US$ 50m venture capital fund helping to transform East African businesses in various sectors including Healthcare, Agribusiness, Education, and Retail / Consumer (FMCG).