EXEO Capital announces multi-million dollar investment in Dairyland

EXEO Capital, a major player in the food and agribusiness investment space, has recently announced a significant investment in Glacier Products Limited, the producers of the iconic ice-cream and chocolate brand, Dairyland. The investment comes through EXEO Capital's food and agribusiness fund, Agri-Vie Fund II, with Paul Nguru, a Partner at EXEO Capital, shedding light on the details of the deal. While the specifics of the investment remain confidential, Nguru revealed that the investment typically ranges between $5 and $20 million, representing a significant minority stake for EXEO Capital in Glacier Products Limited. The move by EXEO Capital to invest in Glacier Products Limited, the sole chocolate manufacturer in Eastern Central Africa, is driven by several key factors. Nguru highlighted Glacier's status as a growth business that is continuously innovating and promoting local manufacturing in the region. The investment aligns with EXEO Capital's focus on import substitution, providing a more accessible and cost-effective alternative to imported products like chocolates and ice cream. Additionally, Glacier's regional presence in Kenya, Uganda, and Tanzania, with ambitions for further expansion, makes it a strategic fit for EXEO Capital's mandate to support regional businesses. Nguru emphasized Glacier's commitment to integrity and social consciousness, values that resonate with EXEO Capital's investment philosophy. The investment in Glacier Products Limited exemplifies EXEO Capital's dedication to supporting growth businesses in the food and agribusiness sector in Africa, especially during the challenging times brought about by the COVID-19 pandemic. Nguru explained that the pandemic underscored the importance of enhancing local food manufacturing and ensuring food security, particularly in regions heavily reliant on imports. By investing in Glacier Products Limited, EXEO Capital aims to contribute to the development of the agro-processing sector in Africa. While acknowledging the challenges posed by the fragmented nature of the value chain in the region, Nguru expressed optimism about the increasing number of vertically integrated businesses that are emerging and poised for sustainable growth. EXEO Capital's investment portfolio spans across a diverse range of food and agribusiness sectors, including aquaculture, primary agriculture, and food FMCG. With a total of 25 investments across eight countries in Africa, EXEO Capital continues to drive positive impact and growth in the food and agribusiness landscape on the continent. The investment in Glacier Products Limited marks a significant milestone in EXEO Capital's commitment to supporting local manufacturing and promoting economic development in Eastern Africa.