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Sitya, HSBC invest in Tanzanian consumer goods company Chemi and Cotex Industries

16 Feb 2011

A private equity division of banking giant HSBC has acquired a majority stake in Chemi and Cotex Industries, a Tanzanian consumer goods company, alongside Africa-focused firm Satya Capital.

Investing through its Direct Principal Investments arm, the deal represents HSBC’s second direct investment in East Africa, and is to underpin Chemi’s expansion.

Established in 1975, CCIL manufactures and distributes leading consumer goods brands in East Africa, ranging from oral care, skin care and foods as well as various metals and industrial plastics. CCIL manufactures out of its Dar es Salaam hub and exports into Kenya, Uganda, Rwanda and South Africa

“We have been impressed by the strength of the CCIL brands, particularly Whitedent, and with such a dedicated management team, we are excited at CCIL’s very significant potential for growth,” said Satya Capital managing partner Moez Daya.

Based in London and associated with Sudanese telecoms billionaire and humanitarian Mo Ibrahim, Satya Capital’s recent investments have included commodities, with a stake in Namakwa Diamonds, and healthcare, in Hygeia Nigeria Limited.

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