Bulls n Bears Entrepreneurship Zone :: Investors climbing into Africa’s agri and food sectors, backing everything from blueberries to beef

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Many commentators have touted Africa as the future breadbasket of the
world, which is plausible given the continent’s large areas of open arable
land. Investors, too, are seeing the promise in the agriculture sector.
Africa Private Equity News, an industry information service, reported a
significant number of agribusiness and food-related investments throughout
2018, and the month of October was no different. Some of the most notable
deals that took place are highlighted below.

South Africa’s Public Investment Corporation (PIC) – which manages more
than R2tn (US$143bn) – together with empowerment group Pelo Agricultural
Ventures announced the successful conclusion of the acquisition of a
majority shareholding in Karan Beef for a maximum consideration of up to
R5.2bn ($372m). Karan Beef operates the largest cattle feedlot and abattoir
on the continent.

Furthermore, the private equity division of Imara Holdings Limitedinvested
in a Zambia-based blueberry producer. Over the past 12 months – on behalf of
a European family office client – Imara sourced, structured and invested
about $4.5m into Zambezi Berry Company (ZBC), which plans to expand up to
500 hectares and become one of the largest stand-alone blueberry orchards in
Southern Africa.

In Uganda, the Yield Uganda Investment Fund committed Ush5.1bn ($1.37m) to
Central Coffee Farmers Association Ltd (CECOFA), a farmer-owned primary
coffee processor located in the capital Kampala. The fund is managed by
Pearl Capital Partners (PCP) and was set up with financing from the
International Fund for Agricultural Development (IFAD) and
quasi-governmental agency National Social Security Fund Uganda (NSSF).
According to Yield, it is on schedule to close a further two agribusiness
investments in the remainder of the year.

Moreover, Novastar Ventures, the Nairobi-based venture capital firm,
announced an investment into Perennial Foods Group, trading globally as
GreenPath Food, a speciality food company that sources produce from
smallholder families based in Butajira, Ethiopia. Novastar – joined by Oxfam
Great Britain’s impact investment arm, the Enterprise Development Programme
(EDP) – is the lead investor in GreenPath’s $1m series-A raise. This
investment follows a 2016-17 seed round of an undisclosed amount led by EWB
Ventures.

And in West Africa, The Moringa Fund, which targets agroforestry projects
located in Latin America and sub-Saharan Africa, last month made its first
investment in Ghana – extending some $5m to B-Bovid Ltd, a palm oil
cultivation and processing enterprise.

In terms of fundraising, Phatisa, the African private equity fund manager,
announced the $121.5m first close of the Phatisa Food Fund 2 (PFF 2), the
successor fund to its African Agriculture Fund (AAF). Phatisa expects a
final close target of $300m by mid-2019. Together with TechnoServe, Phatisa
aims to raise a second technical assistance facility (TAF) to work alongside
PFF 2.—howwemadeitinafrica 



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