Proparco, Ethos Mezzanine invest in Ethiopia's Turaco
France's Proparco and South Africa-based Ethos Mezzanine Partners have announced a $22 million investment into Turaco, an Ethiopian holding company which holds a portfolio of FMCG assets.
Turaco manufactures and sells edible sunflower and soya oil under the brand name Tena, as well as soaps and detergents and personal care products, including laundry soaps and perfumed toilet soaps, under the brand names 555 and Aura.
The growth capital raised from Ethos and Proparco will fund the expansion of Turaco’s manufacturing operations in Ethiopia, carried on by Health Care Food Manufacturers SC and ZAK Ethiopia Manufacturing & Trading Plc. Some of the capital will be applied to upgrading these facilities to meet IFC performance standards relating to Environmental, Health, Safety and Governance.
The deal was structured and arranged by African Alpha Investment Partners.
