Afrifresh was founded in 1992 as an agency business, but since 2007, has actively expanded into production through farm acquisitions, creating a more integrated, profitable and sustainable business.
The Afrifresh Group now manages 14 farms across South Africa (over 3,000 hectares under irrigation), in addition to the Group’s export agency business.
Afrifresh’s major export markets include the European Union, the UK, Russia as well as the Far and Middle East.
Johan van Schalkwyk, director in the Africa team of Standard Chartered Private Equity said given Standard Chartered’s strong presence across Africa, supporting the growth and development of Africa’s agricultural sector is a key objective for the Bank across all divisions.
"This investment is Private Equity’s first into the African agricultural sector and we expect to make further sound investments in this segment going forward.
"The capital will support Afrifresh’s continued expansion in line with the Group’s ambition to become a world class African producer and exporter of citrus and table grapes. In addition to supporting Afrifresh’s growth, the investment allows us to contribute to the growth of South Africa’s agricultural sector overall," van Schalkwyk said.
Standard Chartered’s Africa Private Equity team has offices in Johannesburg and Lagos, and is responsible for originating equity and mezzanine debt investments, contributing to broader economic development across the continent.
