UK firm Duet invests US$50m for a majority stake in Ajeast Nigeria

NIGERIA - UK based private equity firm Duet Private Equity (DPEL) has invested over US$50 million in AJEAST Nigeria Ltd, a Sub-Saharan Africa subsidiary of AJE Group, a multinational beverage company. According to the group, a significant share of the investment was allocated as growth capital and will aid in expanding its presence in Nigeria.…

Clover shares grow on expected increase in headline earnings

SOUTH AFRICA - The branded foods and beverages group, Clover Industries said it expects its headline earnings a share to increase by between 207.13% and 227.13% for the year to June, IOL reports. Following the announcement, its share price jumped by 2.14 % to $1.36 a share, from the previous price of $1.33. The release…

COCOBOD to pump US$600m into cocoa sector to revive the industry

GHANA - The Ghana Cocoa Board (COCOBOD) will invest US$600 million into the cocoa sector in a way to revive the industry in the country, GNA reports. Making the announcement, Mr Joseph Boahen Aidoo, the Chief Executive of COCOBOD said the board had almost finished negotiations to secure the credit facility from the African Development…

Land O’Lakes SUSTAIN acquires software company Agren

USA - Land O’Lakes SUSTAIN has announced that Land O’Lakes, Inc., a member-owned agricultural cooperative, has acquired substantially all assets of Agren, Inc., an Iowa-based software company. According to the company, Agren’s soil health and conservation planning software is already helping Land O’Lakes lead the way on innovative conservation stewardship. The Agren business and tools…

AfDB to increase fish production in Africa by 5m tonnes by 2025

NIGERIA - The multilateral development finance institution, African Development Bank (AfDB) Group has announced it is targeting to increase aquaculture production in Africa by five million tonnes by 2025. Through its Technologies for African Agricultural Transformation (TAAT) programme, the bank is looking to increase inland water fish to enable Africa become self-sufficient in fish production,…

Kenyan University launches a US$3.98m food laboratory in a food fortification drive

KENYA - Jomo Kenyatta University of Science and Technology (JKUAT) has launched a food laboratory worth about US$3.98 million, to be used as a centre for monitoring and analysing the nutritional significance of foods, Business Daily has reported. This is part of the European Union funded food fortification programme in collaboration with the ministry of…

Kelllogg attributes acquisition of Chicago protein bar RXBar for profits

USA – Kellogg’s, an American multinational food-manufacturing company, has attributed the acquisition of the Chicago protein bar RXBar for its continued sales reports. According to CNBC, Kellogg bought the River North-based company last fall for US$600 million, a hefty price tag that conveyed both the potential that Kellogg saw in RXBar and also Kellogg’s desire…

Mitsubishi Corporation to acquire 80% stake in food manufacturer Gourmet Delica

JAPAN - Mitsubishi Corporation, Japan's largest trading company, has announced plans to purchase an 80% stake of Gourmet Delica Co., Ltd. from its current owner Kewpie Corporation. Gourmet Delica manufactures pre-cooked rice and other delicatessen for use in lunch boxes, most of which is sold to Lawson Inc., the operator of Japan’s third largest chain…

HUL signs agreement with Vijaykant Dairy to acquire Adityaa Milk ice cream business

INDIA - Hindustan Unilever Limited (HUL), a consumer goods company, has announced that it has signed an agreement with Vijaykant Dairy and Food Products Limited (VDFPL) and its group company to acquire its ice cream and frozen desserts business consisting of its flagship brand ‘Adityaa Milk’ and front end distribution network across geographies. According to…

Emmi increases stake in Emmi Ambrosi France from 51% to 85%

FRANCE – Emmi, a Swiss milk processor and dairy products company, has increased its stake in Emmi Ambrosi France, a packaged cheese joint venture in France, from 51% to 85%. According to FoodBev, the business was founded in 2008 following a collaboration between Emmi and Italian cheese specialist Ambrosi, as the companies aimed to offer…