NAIROBI, Kenya, Nov 17 – Weetabix International has taken a controlling stake in Weetabix East Africa, through a joint venture with Pioneer Foods Limited.
The partnership, which is subject to regulatory approval, is in line with the UK-based Weetabix Food Company’s international growth strategy.
Weetabix East Africa Managing Director Ahsan Manji says the multinational sees Africa as a strategic growth market and partnering with Pioneer Foods will provide a platform for growth in cereals food and beverage and other products.
“I am extremely proud of the Weetabix East Africa team who have over the last 5-10 years, built one of Kenya’s strongest FMCG brands. Pioneer’s investment in WEA is testament to what the team has achieved and indeed the bright future that lies ahead for WEA,” said Manji.
The Manji family, which controlled Weetabix East Africa for over 30 years, says the backing from the two multinationals means the business will have the financial muscle to scale.
Weetabix East Africa operations will carry on as usual, with day to day operations unaffected.
“We’re delighted to have Pioneer Foods join us to continue to drive the success of our business in Kenya and beyond. Weetabix sees this market as a strategic opportunity and is excited by the new opportunities that will arise through partnering with Pioneer Foods,” said Weetabix Group CEO Giles Turrell.