PRAIA, Cape Verde, March 23rd, 2018 – Tecnicil Indústria (“Tecnicil” or “the Company”), the leading beverage company in Cape Verde, with products such as bottled water and carbonated soft drinks, announced that AFIG Funds, a leading African private equity fund manager, through AFIG Fund II (Fund II), completed an investment in the Company in April 2017.
Tecnicil has used the investment to fund its expansion into the production of fruit juices and dairy products in Cape Verde, which have historically been wholly imported. The Company has already launched the new products on the market. The Company 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. 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”, said Mr. Alfredo Carvalho, President of Tecnicil Indústria.
Mr. Papa Madiaw Ndiaye, CEO of AFIG Funds, said of the investment: “We are excited about our investment in Tecnicil, a local champion with significant growth potential. 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. We are delighted that the Company has kept to the agreed timetable for the new product launch, which is a commendable feat. We look forward to working with Tecnicil to achieve its ambitious objectives.”
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About AFIG Funds (www.afigfunds.com)
Advanced Finance & Investment Group (“AFIG Funds”) 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. AFIG Funds is registered in Mauritius and headquartered in Dakar, Senegal.
About Tecnicil Indústria (www.tindustria.com)
Tecnicil is a market leader in Cape Verde, accounting for 61% of the bottled water market, and 30% of the carbonated soft drinks market. Over the last 18 years, it has built a strong track record of quality, and has emerged as a national champion in a competitive landscape, which counts leading international brands. In recognition of its commitment to quality and best practices over the years, Tecnicil has received the most trusted brand award in Cape Verde for the last six consecutive years the award was issued.