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SCPE tops up Africa investment

StanChart has invested $15 million more in South African fruit producer Afrifresh.

Standard Chartered Private Equity will commit a further $15 million to existing portfolio company and bank client, Afrifresh Group, according to a statement.

Afrifresh is one of Southern Africa’s largest integrated fruit producers and exporters, with operations in South Africa and Zimbabwe. 

The additional capital follows SCPE’s initial $20 million equity investment in 2011 to fund the company’s expansion program, the statement said.  

“Afrifresh is an inspiring South African growth story, which now supports more than 4,000 staff and generates significant export revenues,” said Peter Baird, the head of SCPE’s Africa team, in the statement. 

“This is an excellent example of how private sector capital and thoughtful government support, combined with old-fashioned entrepreneurship, can create a globally competitive business.”

In December, SCPE made a $25 million investment in Indonesian power plant developer, owner and operator Navigat Group. The previous month, it joined with Boyu Capital to acquire Chinese café operator Multi Concepts Link Restaurant Management.

Standard Chartered Private Equity is the captive private equity unit of global banking corporation Standard Chartered. SCPE has $4 billion in assets under management and invests from the bank’s balance sheet in Asia, the Middle East and Africa.