Vasari Beverages raises $100m capital to expand in Ethiopia
The funding will be used to enhance the production capacity of its Rorank Business in Ethiopia.
Pan-African investment bank RMB served as the sole mandated lead arranger and funder in the capital raising round.
Led by Vivian Imerman, Vasari Beverages has extensive experience in operating consumer goods companies, including Scottish distiller Whyte & Mackay, global fruit-based drinks and products company Del Monte International, and confectionary producer Nabisco.
Rorank will use a portion of the capital raised to build a new distillery to triple its annual capacity from the current eight million litres of alcohol to 25 million litre capacity.
The distillery produces a range of liquor products under the Super Eagle and Crystal brands.
Vasari Group CEO Vivian Imerman said: “Over the past six years, we have been involved in the deployment of more than $250m in capital investment to develop our frontier and emerging markets beverage strategy.
“Vasari Beverages has a highly activist investment approach and seeks to build long term sustainable value. This capital injection is a step forward in pursuing our investment strategy across compelling opportunities in our target regions.
The funds raised will also be used to make acquisitions and Greenfield opportunities in Asia and Africa.
In a separate investment, Vasari Beverages is planning to double the total production capacity of its Dashen Brewery to five million hectolitres.
In 2016, Vasari purchased operational assets of South African drinks manufacturer KWV for $85m.