BDC acquires 24% stake in Botswana-based food and beverage retailer

BOTSWANA – Ninety One, an asset management business, alongside Rand Merchant Bank Ventures (RMBV), private equity arm of Rand Merchant Bank has sold 24% of its equity investment in Kamoso Africa via its Africa Equity Fund 2(APEF2) to Botswana Development Corporation (BDC).

Founded in 2015, Kamoso has established itself as one of Botswana’s leading diversified fast-moving consumer goods (FMCG) platforms. 

The company undertakes a wide range of businesses i.e. operates Liquorama, a chain of liquor stores; Waves distributors, supplies FMCG products; Real water, bottles still and sparkling water; Lemepe milling, miller of grains; Ilo industries, processes and packages pulses, spices, flour and dried fruits; among other operations.

Ninety One and RMBV acquired a controlling stake in Kamoso in 2017, in what was believed to be Botswana’s largest ever private equity investment.  

“The Kamoso Africa Team is excited to welcome the Botswana Development Corporation as one of our key shareholders. With their intimate knowledge of the Botswana Market, their involvement will further enhance our growth strategy,” Ian Dewar, CEO of Kamoso, said.

Operating six manufacturing facilities, eleven warehouses and a fleet of over 100 delivery vehicles, the FMCG segment supplies consumer goods not only in Botswana but also South Africa and Zambia. 

“We are pleased to bring on board the BDC as a partner on this journey of building the leading diversified FMCG platform in Southern Africa.  Given the BDC’s resources and networks, Kamoso expects to reap significant synergies from the partnership with its new shareholder,” Kobi Sam, Investment Director at Ninety One, said. 

The BDC was established in 1970 to be Botswana’s main agency for commercial and industrial development.  With group investment assets worth more than BWP 3.6bn, BDC has invested in debt and equity across a wide range of businesses in all parts of Botswana.  BDC is 100% owned by the Government of Botswana.

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