KENYA – Glacier Products Ltd, one of Eastern Africa’s leading ice cream and chocolate confectionery manufacturers operating from Kenya 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 financial and management backing, according to reports by Private Equity News, is aimed to steer the producers of renowned Dairyland ice-creams and chocolates, towards continued sustainable growth.
Commenting on the investment Sunil Shah and Minesh Shah, Directors of Glacier, said, “We are delighted to partner with EXEO Capital, who share our vision of continuing to grow the leading and trusted brand. Glacier will benefit greatly from EXEO’s sector expertise, as the company enters its next phase of growth.”
According to the reports, the transaction is subject to receipt of regulatory approvals and is expected to be completed in the coming weeks.
“This investment is a great addition to our growing food and agribusiness portfolio on the continent. Our partner, Glacier, has laid a solid foundation, which combined with EXEO Capital’s sector knowledge, strategic insights, and extensive pan-African networks, will steer the company towards continued sustainable growth,” Paul Nguru, Partner at EXEO Capital, said.
EXEO Capital currently has approximately US$ 250 million assets under management, and has completed more than 25 transactions in several growth sectors across East and Southern Africa over the past 12 years.