November 22, 2024
European investors to fund a tastier food future in Zimbabwe Spear Capital
…expands its FMCG portfolio investing in Efoods
THROUGH one of its subsidiaries, Superior Food Group Africa Ltd, a JV project focused on investments into strong brands in the food manufacturing space in Southern Africa, private equity firm Spear Capital has completed its investment into the food manufacturing business Efoods Zimbabwe.
Specializing in the nation’s widest variety of sauces and condiments under the Sauce, Miri Piri, and – most recently – Natural Forest, Efoods has established itself as a key player in the culinary industry. Building on a 20-year food service history reliably serving hundreds of Simbisa outlets (along with other restaurants, hotels and catering companies), the Efoods brands are considered supermarket staples on-shelf in retail stores around the country.
One of Efoods’ standout features is its commitment to crafting quality products that bridge the gap between mass market and imported brands. With a more health-conscious mission, the company’s recipes are developed in-house to prioritize health, incorporating reduced sugar and natural additives, whenever possible. This is amplified in the imminent revival of the Mani brand – a range showcasing natural and wholesome products catering to the vegan and gluten-free.
A key benefit lies in local sourcing of inputs and ingredients, highlighting a #LoveLocal approach. This approach aligns with the company’s and Spear’s sustainable business practices, contributing to the economic growth of local industry and communities as a whole.
This investment marks a pivotal moment for Efoods, empowering the company to further innovate, expand, and solidify its position as a leader in food manufacturing and the FMCG space. The infusion of capital will support Efoods in continuing to deliver exceptional products to its diverse customer base, both locally and regionally.
Commenting on the transaction, Efoods Managing Director, Grant Evans said; “Spear Capital’s investment into our company gives credibility to our business strategy in what is a difficult economic environment. It proves that local Zimbabwean companies with passion and purpose can thrive and grow despite the circumstances.”
General Manager, Dawn Lardner Burke, further commented “We are excited to be able to accelerate the expansion of our brands, product range, and customer base as a result, remaining focused on producing good quality products that offer great value for money to our customers.”.
Adding Efoods to its portfolio in industries such as retail, food & beverage, manufacturing, and media opens opportunities for Spear Capital further to acquire meaningful stakes in industries and territories offering competitive advantages.
About Spear Capital
Spear Capital provides growth capital in fast-moving consumer goods (FMCG), local manufacturing and processing operations, and healthcare for small to medium enterprises (SMEs) as well as partners with leading entrepreneurs across the southern African region. With offices in Cape Town, South Africa, and Harare, Zimbabwe, along with a fundraising office in Oslo, Norway, Spear provides partnerships that leverage strong business ethics and local African knowledge to develop mutually beneficial opportunities with local businesses.
