Alterra-led consortium acquires South African beverage company
TLDR
- Alterra Capital Partners acquires significant stake in South African beverage company, Chill Beverages, along with co-investors.
- Chill Beverages, known for premium mixer brand Fitch and Leedes, sees Alterra's first investment from a $400-million fund.
- Consortium led by Alterra includes Mineworkers Investment Company (MIC) and Admaius Capital Partners, with impressive historic 20% annual growth rate.
Alterra Capital Partners, an Africa-focused private equity firm that backs high-growth companies, acquired a significant stake in a South African beverage company, in partnership with two co-investors.
In a first deployment from its $400-million target fund, Alterra has picked a majority stake in Stellenbosch-headquartered beverage innovator Chill Beverages which owns the premium mixer brand Fitch and Leedes, buying from Old Mutual Private Equity.
The PE firm led a consortium of investors that includes South Africa’s investment holding company Mineworkers Investment Company (MIC), and Rwanda-based PE firm Admaius Capital Partners. With manufacturing facilities in Gauteng and the Western Cape, Chill has delivered historic growth of over 20% per annum, according to the company.
Key Takeaways
The investment by the Alterra-led consortium would facilitate additional marketing spend on Chill’s brands besides an increased focus on developing a wider Gauteng distribution network and investment in new product development to expand its product range. Alterra raised $140 million in the first close of the Africa Accelerators Fund to invest in companies in retail, telecommunications, technology, financial services, consumer products and services, and infrastructure and logistics sectors. It is backed by Norfund, Standard Bank Group, World Bank’s private investment arm International Finance Corporation (IFC), Germany’s Deutsche Investitions- und Entwicklungsgesellschaft GmbH (DEG), and Allianz SE’s AfricaGrow fund.
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