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Standard Chartered invests further $15m in Afrifresh Group

11 Feb 2014

africa-tanzania_sqStandard Chartered Private Equity (SCPE) has invested a further $15m in its existing portfolio company Afrifresh Group.

SCPE, which is the private equity arm of banking group Standard Chartered, made its initial investment of $20m in the Southern African fruit producer in 2011 to fuel its expansion.

The company currently operates in South Africa and Zimbabwe and exports its fruits to 54 markets.

It is participating in a 500 ha greenfield citrus and table grape operation based in South Africa. Afrifresh has developed 400 ha of the farm, and expects to harvest first grape production later this year.

Head of SCPE’s Africa team Peter Baird said, “Afrifresh is an inspiring South African growth story, which now supports more than 4,000 staff and generates significant export revenues.

“This is an excellent example of how private sector capital and thoughtful government support, combined with old-fashioned entrepreneurship, can create a globally competitive business.”

SCPE’s other recent deals in Africa include the acquisition of a 13 per cent stake in retail group Choppies Enterprises.

In November last year Bloomberg said that Standard Chartered had plans to trim its private equity division, cutting its staff numbers by around 12 per cent.

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