The private equity arm of London-based banking group Standard Chartered has acquired a 30 per cent stake in Afrifresh Group, one of South Africa's leading producers and exporters of citrus fruit and table grapes.
Announcing the deal, Standard Chartered's Africa Private Equity director Johan van Schalkwyk said the investment – the company's first in African agriculture – represented a commitment to supporting the industry throughout the continent.
He also said the group expected to make further investments in the South African agricultural sector.
'Given our strong presence across Africa, supporting the growth and development of Africa's agricultural sector is a key objective for the bank across all divisions,' he commented.
The capital injection is expected to support Afrifresh's continued expansion, in line with its aim to become a world class African producer and exporter of citrus and table grapes.
The grower-exporter was originally founded in 1992 as an export agency business, but since 2007 has actively expanded into production through farm acquisitions, creating what it describes as 'a more integrated, profitable and sustainable business'.
The group currently manages 14 farms across South Africa, with over 3,000ha under irrigation, in addition to its export management activities.
The company's major export markets include the EU, Russia, Middle East and Asia.
Towards the end of last year, Afrifresh announced plans to divest its topfruit division, which is now being run as a separate entity under its previous manager Archie Swanson.
