Lona Group has sold a minority stake to Phatisa, a private equity investor, as well as a consortium of development finance institutions (DFIs) known as British International Investment, Norfund and Finnfund. Lona Group is an integrated fruit farmer, packer and storage facility for citrus, olives and grapes which are then traded locally or exported. The company was established in 1996 and has expanded to become one of the largest players in the South African market. Although the stake acquired or amount were not disclosed, it was indicated that the equity funding will be deployed to expand the diversified value chain of the Lona Group.
Phatisa is an African private equity firm with diversified capabilities and a well-respected track record. Established in 2005, Phatisa has financial and operational experience, industry knowledge, astute business acumen and a reliable network of African business relationships with over US$400 million in funds under management. The firm has operating offices in South Africa, Mauritius, Kenya, Zambia and the United Kingdom.