Spear Capital has bought out Associated Foods Zimbabwe in an investment that consists of capital expenditure and working capital. Associated Foods Zimbabwe is an FMCG company that produces a range of food items such as jams, peanut butter, snacks, cereals and canned products for the Zimbabwean market. The stake acquired was not disclosed.
Spear Capital provides growth capital to SMEs focused on fast moving consumer goods (FMCG) and local production in a few carefully selected countries. The engagement of development finance institutions and institutional investors ensures that environmental, social and governance (ESG) issues are the value drivers. The firm is located in Cape Town (South Africa) and Harare (Zimbabwe) and has a fund raising office in Oslo (Norway). The limited partners of Spear Capital are Holta Invest as well as Norfund.