Cape Verde’s leading beverage company, Tecnicil Industria, has announced its planned expansion into West Africa. The announcement comes just as the firm is branching into the production of fruit juices and dairy products, which have historically been wholly imported.
Tecnicil, whose products include bottled water and carbonated soft drinks, stated this week that the company received an investment from AFIG Funds, a leading African private equity fund manager, through AFIG Fund II (Fund II). AFIG Funds completed the investment in Tecnicil Industria in April 2017.
Tecnicil now says it has used the capital to fund its expansion in Cape Verde, an archipelago nation off the North West coast of Africa.
The Company has already launched its new fruit juices and dairy products in the local market. The firm also has ambitions to expand within West Africa through exports and acquisitions.
“We are pleased to have AFIG Funds as an investor. We have operated quite independently for a while now,” said Mr. Alfredo Carvalho, President of Tecnicil Indústria.
“Bringing in a value-adding financial partner was therefore an important step to take. We expect to benefit from AFIG Funds’ extensive experience of investing in and building businesses in the region including in the beverage sector,” he continued.
“Our investment in Tecnicil is the first from our second fund, and it fits squarely with our mandate of backing local market leaders to build-out regional platforms,” commented Mr. Papa Madiaw Ndiaye, CEO of AFIG Funds.
“We look forward to working with Tecnicil to achieve its ambitious objectives,” he said.
AFIG Funds, also known as Advanced Finance & Investment Group, is a leading private equity fund management company with two funds under management, the Atlantic Coast Regional Fund, and AFIG Fund II. AFIG Funds makes growth equity investments across a diversity of sectors in West, Central and East Africa. The investment firm is registered in Mauritius and headquartered in Dakar, Senegal.
Tecnicil is a market leader in Cape Verde, accounting for 61% of the bottled water market, and 30% of the carbonated soft drinks market.