AfricInvest, a leading pan-African mid-cap-focused private equity firm, has invested in Silafrica Plastics and Packaging International Limited (“Silafrica”), the leading East African plastics and packaging group with operations in Tanzania, Kenya, Ethiopia, Uganda and India. AfricInvest made the investment through its AfricInvest Fund III.
Silafrica has been in operations since the 1960s providing plastic and packaging solutions to a wide variety of sectors for both corporate and retail consumers. Products manufactured by Silafrica include water tanks, crates, preforms, tubs, containers, pens, chairs, pallets and kiosks. Prior to the investment, Silafrica was wholly-owned by the Sumaria Group, a conglomerate with interests in numerous industries across Africa.
AfricInvest aims to consolidate Silafrica’s position and brands in its current markets; expand Silafrica’s product range and offering; and scale out Silafrica geographically; in order to capture a higher share of the significant growth expected in the plastics and packaging sector across African markets.
Commenting on the AfricInvest investment, Skander Oueslati, Co-Head of Sub-Saharan Africa at AfricInvest said: “AfricInvest is excited about the opportunity to work with an established regional player in a growth sector. This partnership will not only allow Silafrica to leverage AfricInvest’s infrastructure and footprint in Africa, but will also take advantage of our firm’s long experience and expansive network.”
George Odo, Senior Partner and MD East Africa, added: “This transaction exemplifies AfricInvest’s core strategy: investment in a sector where we already have considerable knowledge, with a strong and credible local partner like the Sumaria Group, working with a business that is already a market leader and is aiming to become a regional champion.”
According to Ankush Shah, Managing Director, Sumaria Group: “As the third private equity investment Sumaria companies have accepted, this signifies once again our commitment to creating value for our stakeholders across our range of businesses. We are very pleased to be working with AfricInvest, who have a strong track record both regionally and across Africa.”
“The partnership with AfricInvest will help us consolidate our position and execute Silafrica’s strategy to expand its manufacturing footprint to ten countries in Africa. We believe in building strong partnerships with our employees, customers, suppliers and partners, and we certainly see AfricInvest as an ideal partner to add strategic value to our business growth strategy,” added Shah.
Source: News and media | AfricInvest