NIGERIA – The Norwegian Investment Fund for Developing Countries (Norfund) has invested in Sundry Foods, a Nigerian integrated food services company, to enable the firm step up its interests in the food service sector.
Port Harcourt-headquartered Sundry runs restaurants, bakeries and catering operations under a range of brands including Kilimanjaro, Pizza Jungle, Kilishawarma, Nibbles and Suncrust.
Currently, Sundry Foods is one of the top QSR brands in Nigeria by market share. It has close to 50 outlets consisting of restaurants, bakeries and catering units spread across 11 states in Nigeria.
The funding will help the company to expand into additional regions of Nigeria, expand its product offering to meet the growing demand for food services and increase its staff to over 1,600.
Norfund sais that it expects to add value to Sundry Foods by supporting the company’s expansion plans and its ongoing work on achieving global standards, and by contributing increased expertise and focus on the environmental, social and governance fronts.
“We are excited to partner with Sundry’s leadership team, its Board and its investors including Silk Invest,” said Naana Winful Fynn, Regional Director for West Africa for Norfund.
“We will work with these stakeholders as an active owner and contribute to creating the premier food company in Nigeria, which will continue to offer nutritious, healthily-prepared local and contemporary food to its customers; to attain the company’s growth and expansion ambitions and to create jobs for many Nigerians during that journey.”
Norfund will partner with management, the company’s board of directors and Silk Invest to achieve the plans.
Sundry Foods’ founder and chief executive Ebele Enunwa explained the benefits of the deal in a statement, saying: “We like to think of it as an endorsement that we have done something right.
“With Norfund and our other investors, we are better equipped to pursue the next phase of our growth story. We will be working together to build Nigeria’s premier food company based on the highest levels of systems, food standards and business ethics.”
However, Silk Invest African Food Fund, a Luxembourg-headquartered private equity fund managed by UK-headquartered Silk Invest, who invested in 2012, will be partially exited through this investment.
Silk Invest chief executive Zin Bekkali explained the move, saying: “Sundry Foods was from day one a great fit with our objective to support authentic African consumer brands backed by committed entrepreneurs.
“Its leadership team has over the years consistently delivered, and we hope to continue contributing to its growth journey together with Norfund.”
“The investment team of Norfund has proven over the last months to share common ground in many areas, and we are looking forward to further developing our partnership.”