KENYA/UK: CDC buys 14% stake in Flamingo Holdings
CDC Capital Partners (CDC), a risk capital investor in emerging markets, has purchased 14% of horticultural business Flamingo Holdings.
Flamingo, which grows, processes, packages, markets and distributes cut flowers and fresh vegetables, sells direct to supermarkets in the UK, where the demand for such products continues to grow. To help it service and develop this customer base, Flamingo has established processing, distribution and marketing operations in the UK, and also has significant interests in Kenya through its wholly-owned subsidiary Homegrown.
CDC's investment will be used to support the company's growth plans, which include the acquisition of other horticultural businesses in Africa and the UK to strengthen its supply chain and expand its capacity and product range.
In addition to Kenya, the group also sources product from Zimbabwe, South Africa, Guatemala, Thailand, Spain and the Netherlands and now has a worldwide annual turnover of US$250m.
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