UAP raises Sh4.7b from private equity investors

June 5, 2012
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The investors include Aureos Africa Fund, AfricInvest Fund as well as Swedfund International/CFM

, NAIROBI, Kenya, Jun 5 – UAP Holdings Limited has raised Sh4.7 billion from three international private equity investors.

The investors include Aureos Africa Fund, AfricInvest Fund as well as Swedfund International.

The new capital injection will support UAP Group’s regional and pan-African expansion strategy, strengthen the balance sheet of its existing businesses and invest equity to support the execution of its real estate strategy.

Speaking at the signing ceremony in Nairobi, UAP Group Chairman Joseph Wanjui said the funds will also help strengthen the group’s balance sheet as it seeks to take advantage of strong investment opportunities present in selected markets in Africa.

“This is a strong vote of confidence in our business by Aureos, AfricInvest and Swedfund. We believe that these firms will bring new international shareholders on board who will enhance the profile of UAP Group and supplement the excellent local business experience and market knowledge that UAP Group’s current shareholders have. Together, the parties will be able to identify and explore further business opportunities in the East and Central Africa region and selected markets in Africa for the mutual benefit of all parties,” Wanjui said.

Currently, the group has its operations in Kenya, Uganda and South Sudan and intends to begin operations in Rwanda, the Democratic Republic of Congo (DRC) and Tanzania before the end of the year.

“We are delighted to partner with UAP through our equity investment and look forward to the acceleration of the Group’s entry into key markets in the region and rest of Africa,” said Peter Gichuru Njoka, a partner at Aureos.

At the same time Aziz Mebarek, Founding Partner, AfricInvest-TunInvest Group added: “We have strong faith in UAP Group’s current and future growth potential and also in the growth prospects of the East African economies. The Group’s pan-African strategic objectives also sit well with our own investment strategy which consists in transforming local champions into regional champions of industry.”

Commenting on the investment, Swedfund International AB, Kenya representative Jonas Armtoft, indicated that they are committed to supporting UAP Group’s growth strategy and strengthening its business to enhance the coverage of its products and services into key market segments in Africa.

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