Sierra Leon fruit beverage maker Capitol Foods receives US$1m backing for expansion

SIERRA LEON – Leading beverage manufacturer in Sierra Leon, Capitol Foods Ltd has received US$1 million debt financing from two Dutch impact investors, Cordaid Investment Management and Triodos-Hivos Fund. The funding according to Triodos Investment is aimed to finance Capitol’s expansion of fruit processing capacity to meet the growing demand, by facilitating the purchase and installation of 3-tonnes-per-hour fruit processing plant. The debt facility will also enable the company to provide greater market access for thousands of fruit farmers in Sierra Leone. “This loan created an immediate relief to both…

Read More

Louis Dreyfus sells US sugar business to focus on global sugar trading business

US – Louis Dreyfus Company (LDC) has agreed to sell the business and assets of Imperial Sugar Company to US Sugar for undisclosed sum in order to focus on its global sugar trading business. Imperial Sugar – which primarily sources raw cane sugar from Central and South America, and the Caribbean – was bought by Louis Dreyfus in 2012 for US$78 million. The company operates a refinery at Port Wentworth in Savannah, Georgia, and a sugar transfer and liquefaction facility in Ludlow, Kentucky in addition to its consumer brands which…

Read More

Cultured meat startup Meatable raises US$47M to fund growth amid rising demand for animal-free products

NETHERLANDS – Dutch food company, Meatable now has the opportunity to advance small-scale production at the Biotech Campus Delft and to diversify its product portfolio. This is after a successful Series A round that saw the company raise US$47 million from a consortium of life sciences and food investors. The investors included Section 32, , whose founder was the first CEO of Google Ventures, and DSM Venturing, the corporate venture arm of Royal DSM. The round, according to the company, brings the total amount collected so far to US$60 million…

Read More

US grocery delivery startup goPuff raises US$1.15bn, doubling valuation to nearly US$9bn

US – goPuff, a rapidly growing grocery delivery startup in the US, has raised US$1.15 billion in new funding, as it looks to become the world’s go-to solution for immediate everyday needs. Investors in the round include D1 Capital Partners, Fidelity Management and Research Company, Baillie Gifford, Eldridge, Reinvent Capital, Luxor Capital and SoftBank Vision Fund 1. The new funding comes on the heels of its US$380 million funding round, which valued the company at US$3.9 billion. According to a statement by the grocery delivery startup, the latest funding round…

Read More

South African consumer health businesses Maia Group gets backing from EXEO Capital

SOUTH AFRICA – Maia Group, a South African holding company focused on consumer health businesses has received an undisclosed amount of investment from EXEO Capital, a leading pan-African private equity investment manager, through its Food and Agribusiness fund, Agri-Vie Fund II, The backing is aimed to enable Maia to accelerate its growth strategy. The company established by Simon Alston and Stuart Sinclair, includes Wellness Warehouse and True Health Holdings. Avril Stassen, Senior Partner at EXEO Capital, said that the decision to invest in this firm follows the strong market growth…

Read More

East Africa Bottling Company, Ambo Water get favourable verdict over disputed merger allegations

ETHIOPIA – The Federal Supreme Court of Ethiopia has finally given the verdict on the case by the Trade Competition & Consumer Protection Authority (TCCPA) against East Africa Bottling Company, bottlers of Coca-Cola and Ambo Mineral Water over an alleged illegal merger. The case, dating 16 June 2017 implicated that the two companies, Ambo Mineral Water and East African Bottling Company had engaged in an illegal merger without proper notification to the authority. According to reports by Addis Fortune, Justices at the Supreme Court`s Cassation Bench ruled that there is…

Read More

Carrefour to acquire Walmart’s Grupo Big to strengthen retail presence in Brazil

BRAZIL – French retail giant, Carrefour has agreed to purchase Brazil’s third biggest food retailer Grupo Big from Walmart and investment firm Advent International in an effort to strengthen its presence in the South American country.  The deal which is reported to value the company at 7 billion reais (about US$1.25 billion) will expand the Carrefour’s footprint in regions where it has limited penetration such as the northeast and south of the country. By combining the groups, the retailer claims it will be able to offer a broader range of…

Read More

Small appliances maker De’Longhi to acquire rival Eversys as Nestlé rolls out new safety feature for coffee machines

SWITZERLAND – Italian manufacturer of small appliances, De’Longhi is poised to achieve full ownership of Swiss coffee machine manufacturer Eversys. This is after the company signed a deal to acquire the remaining 60% stake in the company for approximately CHF 110 million (about US$118.4 million). Eversys was founded in 2009 and manufactures a range of professional espresso coffee machines, with a focus on fully-automatic coffee machines. The company inaugurated a new coffee machine production plant in Sierre, Switzerland in 2020. De’Longhi first entered into a relationship with the company back…

Read More

Ghanaian digital farming platform Complete Farmer raises funding, launches new offering

GHANA – Complete Farmer, an end-to-end digital farming platform, has raised an undisclosed amount of funding from Ingressive Capital as it plans to expand into other markets. Desmond Koney, Chief Executive Officer (CEO) of Complete Farmer, said he was excited about the next chapter and the start-up’s partnership with Ingressive Capital. “Together, we believe we are going to transform agriculture using technology and innovations to realise Africa’s potential to feed the world. “With the network within the Ingressive capital family and the synergies with the existing portfolio companies, this partnership…

Read More

General Mills to achieve full ownership of North America Yoplait business after deal with French dairy Sodiaal

NORTH AMERICA – General Mills has entered into an agreement to sell its 51% stake in Yoplait’s European business to Sodiaal in exchange for Sodiaal’s 49% stake of Yoplait Canada. The deal also involves a  drastic reduction of royalties on sales of Yoplait and Liberté branded yogurt sold in the United States and Canada. According to General Mills, after the transaction closes, the company would completely own North American yogurt operations that generated US$1.4 billion in net sales in the fiscal year 2020. In contrast, the European arm of Yoplait…

Read More