Kevin85ify
JF-Expert Member
- Apr 6, 2019
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Top American investment bank Goldman Sachs is the latest to acquire a stake in Kenyan start-up Twiga Foods following a Sh2.44 billion ( $23.75 million) deal that will help the agro-based firm spread across the country and Africa.
The US bank will provide funding to the start-up together with three other Twiga Foods existing investors -- International Finance Corporation (IFC), venture capital firm, TLCom Capital, and French private equity fund Creadev.
The deal, which will be made public today, was inked on Friday and underlines Goldman Sachs’ quest for deals in Africa and international institutional clients looking to invest in the continent as the investment bank grapples with a slump in revenue.
It marks Goldman Sachs first major deal in a Kenyan firm.
Goldman Sachs reckons that food distribution will be big business in Africa given that its population is set to double over the next three decades, creating the need for affordable food sources and guaranteed markets for farmers.
"We are delighted to be backing Peter and the highly capable team as they scale operations and drive sustainable access to lower quality food on the continent," said Jules Frebault, the Africa head at Goldman Sachs in a statement.
The US bank will provide funding to the start-up together with three other Twiga Foods existing investors -- International Finance Corporation (IFC), venture capital firm, TLCom Capital, and French private equity fund Creadev.
The deal, which will be made public today, was inked on Friday and underlines Goldman Sachs’ quest for deals in Africa and international institutional clients looking to invest in the continent as the investment bank grapples with a slump in revenue.
It marks Goldman Sachs first major deal in a Kenyan firm.
Goldman Sachs reckons that food distribution will be big business in Africa given that its population is set to double over the next three decades, creating the need for affordable food sources and guaranteed markets for farmers.
"We are delighted to be backing Peter and the highly capable team as they scale operations and drive sustainable access to lower quality food on the continent," said Jules Frebault, the Africa head at Goldman Sachs in a statement.
