East African growth investor InReturn Capital has made an investment in Reltex Tarpaulins Africa (EPZ), a supplier of relief materials to the humanitarian sector, alongside the Belgian Investment Company for Developing Countries (BIO).
Reltex makes woven tarpaulins and laminated plastic sheets used for emergency shelter and settlement by many of the world’s major international relief agencies such as UNICEF and the Red Cross.
The deal will help finance capital investments, create 80 new jobs, increase the number of shelters and double the company’s production capacity, the firm said in a statement released today.
As Africa is the recipient of about 60 per cent of the world’s relief efforts annually, Reltex’s location on the continent distinguishes it from others in the market that are primarily based in Asia, it said.
“Reltex is an exciting company with ambitious growth prospects, an experienced, high-quality management team and a strong culture of corporate social responsibility,” InReturn Capital CEO Steven Otto said in a statement.
“This new partnership will provide financial and strategic support to help Reltex achieve even greater returns, both financially and on a social level.
“We are delighted to be part of this important investment that will bring emergency relief to thousands of people across the world.”
Reltex is InReturn’s fourth deal in Kenya in 18 months, following investments in Hurlingham Eye Care Services in Nairobi, Horizons Office Limited, a provider of serviced offices in Nairobi, and Vipingo Stone, a quarrying company located in Kilifi.
The firm operates from offices in Nairobi and Dar es and targets SMEs with investments of between $400,000 and $1.2m.
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