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Why Zambia’s top food business attracted investment from UK’s CDC

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The UK’s development finance institution, the CDC Group, announced recently that it has acquired a 17.5% equity stake in Zambeef Products for US$65m. 

Zambeef is listed on both the Lusaka Stock Exchange and the London Stock Exchange’s Alternative Investment Market (AIM). It is a leading farm-to-shop supplier of a range of food products in Zambia – from meat, dairy and eggs, to edible oils and flour. The company operates the in-store butcheries for Shoprite, one of Africa’s top supermarket chains, and runs the fast-food brand Zamchick Inn.

Zambeef is also growing its operations in Nigeria and Ghana on the back of its partnership with Shoprite, which has ambitious expansion plans for these markets.

The CDC, which invests in businesses solely in Africa and South Asia, will help Zambeef fund additional retail stores and Shoprite butcheries, develop its cold-chain warehousing, as well as grow its dairy farm and processing operations. Capital will also be directed at expanding its animal feed milling business (Novatek), which Zambeef’s co-founder Francis Grogan says has found a strong export market.

Listen to How we made it in Africa‘s Kate Douglas talk to Tim Pollock, CDC’s investment director for food and agriculture, to learn more about the institution’s plans for Zambeef.

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