Food – Africa continues to attract investors

Actis has invested US$102 million into Edita Food Industries, a snack food business based in Egypt.

The company is said to be the largest independent snack food business in North Africa and apparently sells around 2.5 billion pieces of croissants, cakes and wafers per year.

According to an emailed statement by Actis, Edita’s revenues grew by an average of 21% per annum since 2009.

The Abraaj Group, a private equity firm with operations across the world, announced that it will acquire a 100% stake in Fan Milk International, one of West Africa’s largest dairy companies. Established in Ghana more than 50 years ago, Fan Milk is today one of West Africa’s top producers and distributors of frozen dairy products and juices. In addition to Ghana, the company also operates subsidiaries in Nigeria, Ivory Coast, Burkina Faso, Togo and Benin. It is estimated that Fan Milk currently sells more than 1.8 million products on a daily basis throughout West Africa.