Afribon, a business that develops, produces and markets food flavours in Cameroon and East Africa which was backed by Investisseurs & Partenaires in 2018, has been acquired by a strategic buyer. The sale gives the impact investment firm’s I&P Afrique Entrepreneurs Fund 2 a full exit from the business. The Kerry Group is paying an undisclosed amount to buy the decade-old business, a move which significantly expands the Ireland-headquartered flavours group’s operations in Africa. At the moment, Kerry has a presence in Kenya, South Africa, and Nigeria.
The Afribon deal was one of the earliest transactions made by IPAE 2. According to Crunchbase, the fund invested $2 million when it invested in the business three years ago. The company operates five production sites in Cameroon, Kenya, Uganda, Rwanda, and Tanzania, providing B2B clients with flavouring solutions for beverages, food service, confectionery, baked goods, and dairy consumables producers.
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