Duet Group pours $50M growth capital in Ghana-based Shop N Save and GNFoods
UK-based alternative asset management company Duet Group has backed two food businesses in Ghana, a statement about the investment said.
Through Duet Consumer West Africa Holdings or DCWA, the asset management firm has invested growth capital of $50 million in Ghana, buying a majority stake in Shop N Save and food manufacturing firm GNFoods. Shop N Save is the supermarket joint venture with Finatrade Group founders. The funds will be deployed towards launching new food retail outlets, increasing manufacturing capacity and supporting the sales and marketing efforts of the food companies, the statement said.
Duet Group Chief Executive Officer Henry Gabay said in the statement, "We are very excited about the future of consumer-driven businesses in Ghana, particularly given our belief that the country is at the beginning of a multi-year economic growth phase. Following our investment in Ethiopia through Dashen Brewery, DCWA shows our belief and commitment to the FMCG sectors in Sub Saharan Africa. Duet Group invested in excess of US$1 Billion into the Sub Saharan Africa and Mena public markets over the last 4 years and the investments into Private Equity are a natural extension of our investment philosophy for the region."
In addition to the funding announcement, Duet Group has also named Daniel Milich, who formerly served as the Chief Strategy Officer of the HJ Heinz Company, to be DCWA's non-executive Chairman. In this role, he will be giving strategic advice to the firms. The asset manager has also engaged the services of a former Coca-Cola head of an East African country to serve as DCWA's CEO, the statement said.
Duet thinks that food retail and food manufacturing in West Africa are set for fast growth. By forging an alliance with the founders of one of the biggest food distributors in West Africa, the company believes that they will be able to form a supermarket leader in the region, the statement said.