Creadev, the private equity arm of the Mulliez family has acquired a stake worth Ksh 500 Million in Kenyan based fresh produce and fast-moving-consumer-goods aggregator Twiga Foods.
According to the press release, some of the early investor “partially sold their stake as part of a strategy to accommodate the later stage and longer-term investors.”
Over the years, the business has raised about KSh3 billion to fund its expansion from tier-1 funds, including IFC Ventures, TLCom, Wamda Capital, DOB Equity, 1776 Ventures, Omidyar Networks, Blue Haven Initiative and the Adolf H. Lundin Foundation, among others.
The Mulliez family is behind the French international retail group and multinational corporation Auchan SA. The family is one of the wealthiest in France and in Europe with interests in a large number of companies.
In a 2017 interview with Kenyan Wallstreet, Brigit van Dijk-van de Reijt, the CEO of DOB Equity; a leading Dutch family office which has also invested in Twiga Foods, said they liked Twiga because they are trying to take out the economic inefficiencies in the supply chain and in turn provide better quality and affordable food products to the end consumer.