Phatisa, together with a consortium of leading development finance institutions (DFIs), has acquired a significant minority stake in South Africa-based citrus and fresh-produce exporter, Lona Group (Lona), for an undisclosed sum.
The investment will be used as expansion capital.
The DFI co-investors are British International Investment (BII – formerly known as CDC Group), Norfund, and Finnfund – all of whom are also investors in Phatisa Food Fund 2, raised last year.
The investment – led by Phatisa’s US$143 million Food Fund 2 – comes a week after Phatisa announced its successful exit from Côte d’Ivoire bottler Continental Beverage Company, and its investment into animal vaccine manufacturer, Deltamune, early this year.
