Kibo Capital Partners acquires undisclosed stake in Tropigalia, sealing its first investment in Mozambique

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Kibo Capital Partners acquires undisclosed stake in Tropigalia, sealing its first investment in Mozambique

3:46 CAT | 08 Nov 2017

Kibo Capital Partners has acquired an undisclosed stake in leading Mozambican distributor, Tropigalia S.A. This marks Kibo’s fifth deal from its second fund which closed in 2016 with USD63 million in commitments. The financial details of the transaction have not been disclosed.

The capital will go to support growth as the company expands its product offering by capturing additional exclusive distribution agreements with leading global brands, and launching new product lines under its own Gourmet brand.

Tropigalia has operations in Mozambique’s three main cities – Maputo, Beira and Nampula, and aims to build its market share in the country by targeting the formal and informal market segments.

Tropigalia was founded in 2004 by entrepreneur Adolfo Correia and distributes food and non-food FMCG items, managing over 3,000 SKU including brands such as Colgate-Palmolive, Pioneer Foods, Dr. Oetker, Milaneza and Bavaria. The company has a workforce of 374 employees.

In addition to capital, Kibo will work with Tropigalia to enhance governance, strengthen operations and executive its growth strategy.

Thierry Hugnin, Managing Partner and Kevin Rodrigues, Principal at Kibo, led the deal.

Transaction advisory was undertaken by Sofia Rocha.

Miranda provided legal advisory services to Kibo, while KPMG acted as the financial adviser to the investor.

Environmental, social and governance (ESG) diligence was conducted by Environmental Resources Management (ERM) and Crossboundary provided market assessment advisory services to Kibo.

About Kibo Capital Partners

Kibo Capital Partners (www.kibo-capital.com ) is a manager of regional private equity funds, with offices in Mauritius and Kenya. It has raised two funds since 2008 with combined funds under management of about USD 100 million.

Source: Kibo Capital Partners / Press Release