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Kingdom Zephyr Also Invests In Thunnus Overseas Tuna Canning Group

PAN-African private equity firm Kingdom Zephyr has made a € 14,3m investment in Thunnus Overseas Group (TOG), a major producer and distributor of canned tuna in Africa with operations in Côte d’Ivoire, Madagascar and France.

This was the company’s second investment from its Pan African Investment Partners II fund (PAIP II), and demonstrated Kingdom Zephyr’s appetite and flexibility to get involved in diverse sectors across Africa, it said.

Kingdom Zephyr is investing alongside Emerging Capital Partners on this new venture.

TOG is one of Africa’s leading manufacturers of canned tuna, exporting nearly all of its production to Europe with a strong market share in France.

The company’s key customers include some of the leading retailing chains in France and Europe, including Auchan, Carrefour and Leclerc.

It also supplies to the catering and restaurant industry and will resume sales of branded products under its own brand “Pompon Rouge” in the near future.

Commenting on the purchase, Sofiane Lahmar, a London-based Partner at Kingdom Zephyr, said: “The deal will help TOG consolidate its operations, reorganize itself into a more institutionalized business with improved corporate governance standards, and expand into new markets in Europe and the Middle East and North Africa region.”

“It also clearly demonstrates our concerted commitment to seek investments across Africa and in diverse sectors as well as our interest in the food processing industry where African companies can leverage their global competitive advantage in terms of better access to raw materials and lower production costs,” he said.