Belfast-based Global agri-tech firm Devenish Nutrition has bought a 42 percent stake worth Sh225 million in animal feeds maker Sidai Africa.
Sidai founder Christie Peacock said the eight-year old firm — with 120 employees running 11 branded stores, 87 franchisees and 1,500 stockists — will expand the reach as well as product portfolio.
“I am delighted that Devenish has decided to make this significant investment in Sidai. The partnership will ensure that Kenya’s farmers will have the best technology available globally,” he said.
Speaking in Nairobi yesterday, Devenish executive vice chairman Peter Wallace said the strategy was to boost supplies of quality feeds and extension services to Kenyan farmers thereby enabling them grow Sidai’s market share as well improve farmer earnings.
“Devenish’s global reputation and experience will help us serve local farmers far much better than we did by ensuring only genuine products are sold in our branded outlets” said Sidai managing director Anthony Wainaina.
Last year, the Ireland-based firm secured Sh13.4 billion (€118m) long-term funding comprising Sh4.55 billion (€40m) from the European Investment Bank along with commitments from Ulster and Danske banks.
The funds generated, it said, were to be spent on its global expansion in Europe, Africa, Asia, the US, the UK and Central America where it was to acquire ‘least seven companies’. The company makes pre-mixed and speciality feed for pigs, poultry, cattle, sheep, horses and dogs sold in the UK, Ireland, US as well as other 40 markets.
It has also expanded its deliveries to new markets in the Middle East, Sub Saharan Africa, Turkey, Mexico and Denmark.