TechInAfrica – A private equity fund based in Africa, EXEO Capital is exiting its Food and Agribusiness fund, Agri-Vie Fund I, from Cape Olive Holdings.
The company revealed its sold share of 62.7% has been outed to Imibala, a Lona Group affiliate and a current shareholder in the company.
“The reason for the sale is that Agri-Vie Fund I has reached the end of its life after 12 years and is completing the exits from the last of its investments. The return on the investment was in line with our expectations,” Izak Strauss, Partner and Co-founder of EXEO Capital said.
“Agri-Vie was a stable majority shareholder in Cape Olive for eight years. The involvement of Agri-Vie enabled Cape Olive to expand on essential capex, increase its capacity to process a higher percentage of its crop for the table olive market, and increase efficiencies. During this period Lona also acquired 100% of Imibala.”
As founder of one the largest table olive suppliers in South Africa, Richard Allen, CEO of Cape Olive, thanked the firm, saying, “The Cape Olive management team has benefitted greatly from their experience and intellect.
“The encouragement and support from them and the broader Agri-Vie team, have been the distinguishing features of their tenure as shareholders in the business.”