EXEO Capital has invested via its Food and Agribusiness fund, Agri-Vie Fund II, in Glacier Products – the producers of Kenya’s renowned ice-cream and chocolate brand, ‘Dairyland’.

The investment is subject to receipt of regulatory approvals and is expected to be completed in the coming weeks. 

Paul Nguru, Partner at EXEO Capital, said: "This investment is a great addition to our growing food and agribusiness portfolio on the continent. Our partner, Glacier, has laid a solid foundation, which combined with EXEO Capital’s sector knowledge, strategic insights, and extensive pan-African networks, will steer the company towards continued sustainable growth.”

Glacier, incorporated in 1979, has experienced strong growth over the years and is a common household brand, with its reach spanning across Kenya, Tanzania, Uganda, South Sudan, Ethiopia and Rwanda.

Sunil Shah and Minesh Shah, Directors of Glacier, said: “We are delighted to partner with EXEO Capital, who share our vision of continuing to grow the leading and trusted brand. Glacier will benefit greatly from EXEO’s sector expertise, as the company enters its next phase of growth.”

EXEO Capital currently has approximately $250m assets under management, and has completed more than 25 transactions in several growth sectors across East and Southern Africa over the past 12 years.

Swathi Rao, Associate Vice President at I&M Burbidge Capital – the lead transaction advisor to Glacier – said: “We are delighted to have advised on this transaction for our client, Glacier. It is a fantastic business with really exciting brands and products. The partnership ethos and shared values between Glacier and EXEO were evident throughout the transaction.”