By Joshua Masinde | From Daily Nation via AllAfrica

Local private equity firm, Fanisi Capital, has acquired a stake in Tanzanian agro-processor, Kijenge Animal Products, at $6 million adding to a growing list of East African firms in which it has interests.

The fund said it had acquired a “significant minority” of about 40 per cent in the Arusha based agro-processor, a first such deal in Tanzania. Kijenge deals in maize milling, animal feed production and poultry (broiler) farming and processing.

The fund’s managing partner, Tony Wainaina hailed the deal saying it presented a huge growth opportunity for both firms in the Tanzanian market.

“We are supporting a company with a long history and a good brand name in the Tanzania market. This deal marks our first transaction in Tanzania and is in line with our sectoral focus areas of agribusiness in the East African region,” Mr Wainaina said in a statement.

He said Fanisi would play a primary role in Kijenge’s next growth phase following the investment in the agro-processor.

“We felt that Fanisi was the right partner for us as it shared the Kijenge vision and their approach to investing goes beyond the provision of capital. This partnership provides us with growth capital which will enable us to diversify our product offering and further support our customers’ needs,” Kijenge’s founder and chairman Andrew Mollel said in a statement.

HALTONS

Investments in which Fanisi, a $50 million venture capital fund, has interests in now stand at eight firms dealing in agribusiness, education, fast moving consumer (goods FMCG) and healthcare across Kenya, Rwanda and Tanzania.

Read more at AllAfrica