(Ecofin Agency) - The South African private equity firm Ethos and French Development Agency’s private sector arm -Proparco- announced an investment of $22 million to support the expansion plan of the Ethiopian retailer Turaco, which specializes in the manufacture and marketing of consumer products. Turaco is managed by 54 Capital PE Advisors.
This mezzanine financing transaction, which combines capital injections and loans, is being deployed by Proparco for the first time in Ethiopia. The beneficiary of this resource aims to expand its facilities to increase its production of edible oils and personal care products.
“We are looking forward to having institutional investors like Ethos and Proparco as partners in this next chapter of expanding our facilities, and we are also excited to have access to their resources and considerable experience to help us create world-class companies that can be Proud to be Ethiopian, upholding the standards of global best practice,” said Saad Aouad, Managing Director of 54 Capital PE Advisors.
Turaco's subsidiaries in charge of the production of detergents, sunflower and soybean oils joined 54 Capital's business portfolio in 2014 and 2015.