Ethiopian dairy MB plc secures investment from US fund Schulze Global
MB's new CEO said Ethiopia has "hugely unexploited" market for dairy products
US investment firm Schulze Global Investments has acquired a 45% stake in Ethiopian dairy firm MB plc.
Robert Kariuki, a former Coca-Cola and Diageo executive, has joined the business as CEO.
MB plc, which trades as Family Milk, is based in the Ethiopian capital of Addis Ababa.
Kariuki said Schulze Global had been attracted to the company because of its "strong potential as a market leading dairy processor". He also pointed to the "hugely unexploited" market for dairy products in Ethiopia, as well as the fact the country has the largest dairy cow population in Africa.
The company has plans to export processed dairy products to neighbouring countries. "Our plan is to expand into new horizons. We will introduce a new dairy based product portfolio and massively enhance the production capacity of Family Milk over the next two years," Kariuki told just-food.
However, the group is prioritising improvement standards from its suppliers before further expansion, he added. "We are committed to training and improving the methods and practices of our suppliers in Ethiopia before we branch out. We want to advance local animal healthcare and also enhance breed of cattle. This is crucial."
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