Ahadukes Food Products, an Ethiopia-based biscuits maker, has received an undisclosed investment from private-equity fund Zoscales Partners.
Based in the city of Bishoftu, Ahadukes is owned by the diversified business group Ahadu. Ahadukes started making biscuits in 2015 and owns brands such as Marie Gold, Ginger Crunch and Tiger Creams.
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Zoscales Partners (ZP) said its investment, which is expected to create around 150 jobs, will help Ahadukes ramp up manufacturing and propel the company to become “east Africa’s leading biscuit producer”.
Solomon Wondimneh, the chairman of Ahadu Group, said: “Besides increasing production lines, ZP’s investment will fund milling and silo to stabilise the impact of seasonality of raw materials and manage costs. ZP will also help prepare Ahadukes for exports while improving local distribution.”
Ashenafi Alemu, a partner at ZP, added: “Despite the unmet demand for biscuits and other processed foods, Ethiopia does not have many world-class food production facilities that can bring economies of scale to both production and distribution. Scale will help develop the supply chain of agricultural outputs helping thousands of smallholder farmers.”
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