Edita is the largest independent snack food business in North Africa with brands including Twinkies, Hohos, Molto, Todo and Bake Rolz.
Snack food offers a popular, high growth sector that sits at the heart of the entry level consumer’s quest for quality, according to Rick Phillips, head of consumer at Actis.
In particular, the Egyptian snack food market is growing rapidly. Despite the Arab Spring’s macroeonomic repercussions Edita’s revenues grew at a compound rate of 21 per cent per annum since 2009. With a young and growing population, rising middle class and changing lifestyles, there is a strong appetite for these products.
For Actis this investment builds on its three prior deals in the North African food sector, including Mo’men, El-Rashidi El-Mizan and Poulina.
‘This investment demonstrates our long term commitment to Egypt’s prosperity and our confidence in this important market. Actis continues to proactively pursue investments in high quality, well-managed businesses across the region,” he said.
Sherif Elkholy, Actis director in Cairo, added, ‘We are delighted to be investing in such a high quality Egyptian business, making this our fourth investment in the North African food sector. Under Mr. Hani Berzi’s leadership the company continues to thrive with its recent acquisition of iconic brands and ambitious plans to expand the business. We are confident that our partnership will be a great success.”
Earlier this month Actis committed $290m for a 60 per cent stake in Aela Energía, a renewable energy development set to become Chile’s largest wind and solar energy provider.
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