Enexus has advised Philafrica Foods, an AFGRI Group’s investment vehicle specialised in food processing in Africa, on the sale of its cassava processing unit in Ivory Coast.
This cassava processing unit aims to produce local starch as an alternative to imported corn starch used in the food industry. Certified ISO 22 000, the plant has a production capacity of nearly 500 tons per month that should meet the growing interest of the food industry for these products.
As part of this sell-side mandate, the transaction ensured a smooth transfer of the asset and supported the continuation of its industrial development.
About Philafrica Foods Philafrica Foods is an investment company involved in food processing in Africa. Philafrica Foods invests to expand local sourcing and production across the continent by setting up new production sites or partnering with existing companies in Africa. Philafrica Foods belongs to AFGRI Group.
BBOXX, a next generation utility, successfully closed a $50 million Series D funding round. Mitsubishi Corporation led the round followed by ENGIE Rassembleurs d’Energies (affiliated to ENGIE Group), impact investor Bamboo Capital Partners, Dutch impact investment fund DOEN Participaties and Canadian growth equity firm MacKinnon, Bennett & Company (MKB).
Ranked among the top five African start-up funding deals of 2019 (WeeTracker), this cross-border transaction marked a key milestone in supporting BBOXX’s scale-up across the continent.
About BBOXX
BBOXX is one of Africa’s leading off-grid energy suppliers. The company provides electricity to over 500,000 people and has installed more than 100,000 solar home systems in East, Central and West Africa.
About Mitsubishi Corporation
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses together with its global network of around 1,800 companies. The Group has eight business units that operate across various industries including environmental energy, materials solutions, mineral resources, urban development & infrastructure, mobility, food, smart-life creation and power solutions industry.
