Western Seed is a seed business in Kenya. It is based in Kitale in Western Kenya and its principal product is medium and low altitude hybrid seed maize, marketing and distributing a number of successful proprietary hybrids generated through its own research and breeding programme.
Our investment has enabled Western Seed to embark on a major capital expansion programme, with a view to increasing production and sales of seed maize. This will result in the increased provision of improved seed maize varieties to smallholder farmers in Kenya and Eastern Uganda, the ultimate end-consumers of the product. Western Seed currently provides employment to about 200 people and delivers seed to an estimated 200,000 smallholder farmers in Kenya. The company has also exported seed to Uganda, Rwanda and Tanzania.
DSL is a business based in Machakos, Kenya that was established to produce seed adapted to dry land conditions. DSL continues to play an important role due to the changing climatic conditions which provide a ready market for its products.
ASIF Financing has enabled the business to expand its processing capacity and ease working capital constraints.
Midlands Limited is an agro-processing company, with the objective of adding value to temperate zone agricultural produce in Kenya. Situated on a 25 acre piece of land in South Kinangop, Nyadarua which is in the South rift valley, the crop range of the business included potatoes, carrots, cabbage, sukuma wiki and peas. Although the company was incorporated in 1987, requisite operation licenses were given only in 2004, when the company was re-launched. Our investment of KES 200,000,000 financed both working capital and equipment investments so as to realize existing processing capacity utilization for ready to cook potatoes. From the potato waste the company will produce feed for cattle. In addition the company will engage in fresh vegetable packaging and bottled water. These lines of business outside the core potato business should be fully realized over a 3-4 year timeline.
Wilmar Flowers limited is a well-established export floriculture business located in Thika, Central Kenya. The business is one of the major summer flower exporters at the Dutch auction from Kenya. The business model revolves around supporting smallholder farmers in central, Eastern, Rift Valley and Nyanza provinces produce commercial flower varieties which the company then processes to export grade. Since PCP made the investment in Wilmar in 2012, with medium-term capital, the realization has been a sustained capacity to grow the flower export volume potential of the company and by extension the smallholder farmer network. Over the next 2-3 year PCP will be looking to making an exit from this investment.
Mimea International Limited (MIL) is a private tissue culture SME agribusiness firm. MIL was incorporated in 2005 and started its operations in the same year.
The firm is currently located in Kitengela Township, where it operates a tissue culture laboratory. In 2012, MIL secured a loan of US$ 350,000 from African Seed Investment Fund (ASIF) for purchase of land and development of a tissue culture laboratory. This has enabled the company build a bigger laboratory and ramp up production of primarily banana tissue culture among other varieties.
Freshco Kenya Limited is a private seed company incorporated in 2000. The company produces and markets both hybrid and open pollinated variety maize and legumes. Its processing and warehousing facilities are located in Nakuru, Kenya. In 2013, Freshco secured a loan of US$ 590,000 from African Seed Investment Fund (ASIF) to fund capital expenditure and working capital. The investment has enabled the company to increase production capacity and introduce new varieties of seed.
Eldoville Dairies Limited is a 20 year old dairy and food processing enterprise that has firmly established itself as a premium processor of premium dairy products, vegetables and juices. The company’s product profile includes cheeses, yoghurts, cream, butter, processed fruits and vegetables. The company has built a reputation of quality and consistency of supply since 1985. Today the company is a major supplier of premium milk products in Kenya primarily and steadily expanding into the East Africa region. The investment of US$ 3.8M million by AACF has enabled the company finance a high quality dairy processing plant in Ol-Joro- Orok, Nyandarua County. The increased capacity will open up the ability for the company meet higher future requirements of raw milk while still maintain the quality of the processed products. Over the next 3-5 years, Eldoville Dairies processing capacity will increase by over 10 and then reinforce the company’s ability to consistently enter markets in the East Africa region and beyond. The opportunity for local smallholder dairy farmers to increase productivity and production in Ol-Joro Orok has also been further reinforced by this relocation.
Pearl Capital Partners made a commitment to invest over USD 2Mn in Meru Greens Horticulture Ltd, a Kenyan horticulture company. Meru Greens Horticulture Ltd is a supplier of fruit and vegetables to distributors and major retailers in Kenya. The investment which is a combination of equity and debt will assist the business in developing a complete value chain for small holder farmer produce. It will also further enable Meru Greens to expand value addition operations of its fruits business, diversify product lines and serve a wider market.