(Ecofin Agency) - Northern Ireland based Devenish Nutrition invested $2.25 million to acquire 42% stake in the capital of Kenyan agribusiness Sidai Africa Ltd in the framework of its growth strategy in emerging markets.
In 2018, Devenish was granted an €11 million credit line by the European Investment Bank for its expansion in many regions, Africa included.
Sidai Africa Ltd, which deems the input market (estimated at $1 billion) as an investment opportunity, will use the fund to boost its offers and its distribution network. The Kenyan business was founded in 2011. In the past, it has received a $5.1 million support from the Bill and Melinda Gates Foundation as well as a $1 million investment from AHL Ventures Partners.