NAIROBI, Kenya, Sep 18 – Processor and exporter of macadamia Privamnuts has secured Sh387 million ($3 million) to expand production and undertake sustainable initiatives.
The investors are Aavishkaar Capital and the German state-owned investment and development bank (KfW).
“We are excited to be partnering with Aavishkaar Capital, with whom our goals are aligned. Privamnuts and Aavishkaar Capital believe in creating high-quality jobs that can improve the economic and social well-being of farmers and workers and uplift communities while delivering high-quality agri & food products to global customers.” said Privamnuts EPZ Kenya Ltd Founder & Managing Director Patrick Mbogo.
The ESG First Fund is a $250 million coffer that primarily invests in Africa and Asia with a mandate to generate superior Environmental and Social Governance (ESG) outcomes, with commercial and financial returns alongside positive social impact.
The fund’s earlier two investments in Africa were in Hela Apparel Holdings PLC, a company providing sustainability-focused apparel supply chain solutions to some of the world’s leading apparel brands, and in Balaji EPZ, an apparel manufacturer with two decades of manufacturing experience for the world’s leading denim brands.
Privamnuts is based in Embu, Central Kenya, at the foot of Mount Kenya, where the soil allows for the natural growth of high-quality macadamia nuts and where most farmers in Kenya are located.
The company works with 10,000 small-holder farmers and provides them with input support, training on good agricultural practices, and making timely payments.
“We are excited to invest in Privamnuts and help strengthen the company’s position as one of the country’s largest macadamia exporters. Macadamia nuts are premium tree nuts and often dubbed as the world’s most expensive nut,” Darren Lobo from Aavishkaar Capital said.
Kenya enjoys a significant global competitive advantage in macadamia production given the favourable agro-climatic conditions in key growing areas and is the 3rd largest exporter of macadamia nuts.
“We are confident that this partnership with Privamnuts will go a long way in accelerating business growth, creating employment opportunities, and cementing Privamnuts’ position as one of Kenya’s leading exporters of macadamia nuts,” Markus Aschendorf, Head of Division, KfW said.
“It is important that environmental and social aspects are not only respected but treated as an essential part of the broader business strategy. We want to help Privamnuts get best in class and be a beacon example to its peers.”
