Ethiopian Edible Oils Business Turaco Raises US$22m Growth capital From Proparco
Turaco, the Ethiopian edible oils company and owner of the brand name Tena Oil, has a new funding from the French development financial institution Proparco and the South Africa-based Ethos Mezzanine Partners. The business has announced a US$22 million investment from both investors.
The Main Points
- With the new investment, Turaco will fund the expansion of its manufacturing operations, carried on by Health Care Food Manufacturers SC and ZAK Ethiopia Manufacturing & Trading Plc.
- Some of the capital will also be applied to upgrading these facilities to meet IFC performance standards relating to Environmental, Health, Safety and Governance.
- According to a press-release by Proparco, the deal was structured and arranged by African Alpha Investment Partners.
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Turaco is a holding company managed by 54 Capital PE Advisors, which holds a portfolio of FMCG assets in Ethiopia. The business, 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.
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