TUNISIA – Maghreb Private Equity Fund IV (MPEF IV) has acquired 1.8 million new shares, representing 16.20% of the capital of the Tunisian agrifood firm Land’Or.
This acquisition allows the private equity fund dedicated to small and medium-sized businesses in North Africa to increase its capital in Land’Or which directly owned 5.40% of shares in the company to 21.6% of shares.
Land’Or is one of the leading Tunisian agroprocessing companies in North Africa specializing in cheese making.
Since its opening in 1994, the company has managed to establish itself as a leader in the local market, offering premium cheese brands namely: Land’Or, Fondue, and Campo Verde.
The company’s brands which serve the mozzarella market and the cheese for pizza market are available in 15 countries and the company leverages on an efficient distribution network to make this possible.
In 2019, Land’Or invested in a new US$11.3 million cheese factory in Morocco in a bid to bolster its operations in a market that accounts for 28% of its total sales.
The dairy manufacturer will be commissioning operations of the facility in the first quarter of 2021.
The company will build the 3,300 square meter plant in a 1.3-hectare plot in Kenitra, near Rabat for local production of canned cheese, melting cheese, and fresh cheese.
They have already secured funding for the project of which US$6.78 million will be financed by the Tunisia’s Central Bank.
Ordering of the industrial equipment is scheduled to start this year at a cost of around US$5.87 million.
MPEF IV fund, managed by the investor capital AfricInvest supports companies through investments of between 8 and 25 million euros.
Launched in 2017, Maghreb Private Equity Fund IV completed its final closing in December 2018 with commitments of around 194 million euros, slightly below the expected target size of 200 million euros.
The fund has since invested in various sectors such as health, financial services and the food industry in North Africa, its main area of operation.
