(Ecofin Agency) - U.S. investment firm Texas Pacific Group (TPG) Capital indirectly acquired 33.9% stake in the capital of Maziwa, a Kenyan company that processes dairy products and byproducts. The acquisition, whose amount was not disclosed, was approved by the Competition Authority of Kenya (CAK) and carried out through Pledge Holdco Limited, the 100% subsidiary of TPG Capital.
The dairy market in Kenya is mainly controlled by companies such as Brookside Dairy Limited, which owns 40% of the market, and New Kenya Cooperative Creameries Limited, which owns 25%. Minor player Maziwa owns 3.9%.
In Kenya, TPG Capital also has an interest in Cellulant Corporation, a mobile payment firm designed for companies and financial institutions.