Tecnicil Indústria, a beverage company in Cape Verde, with products such as bottled water and carbonated soft drinks, announced that AFIG Funds, an African private equity fund manager, through AFIG Fund II (Fund II), completed an investment in the company.
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 Alfredo Carvalho, Tecnicil Indústria President.
“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,” says Papa Madiaw Ndiaye, AFIG Funds Chief Executive Officer.