Exits

Accra, March 20, 2024 - Injaro Agricultural Capital Holdings Limited ("IACHL" or "the Fund"), the impact investment fund managed by Injaro Investments ("Injaro"), is excited to announce the sale of its stake in Ghana's oldest animal feed producer, Agricare Limited ("Agricare") to Flour Mills of Ghana Limited ("FMGL"). This strategic sale represents a full exit from Agricare after a holding period of close to eight (8) years.

In 2015 Injaro invested in Agricare, a Kumasi-based company that manufactures and sells animal feed across Ghana. The company operates a state-of-the-art production facility with a production capacity of 240MT per day. The investment from Injaro aimed to increase the utilization rate of the company's production facility, develop its raw material supply base, and unlock growth by expanding its product lines and entering new local markets.

Following the investment and with the active involvement of Injaro, Agricare recorded an annualized revenue growth rate of 62% whilst directly impacting the lives of over 57,000 beneficiaries during the Fund's holding period. This growth helped Agricare to recover its reputation as one of Ghana's leading animal feed brands. The company also developed an outgrower scheme that currently has access to over 1,000 maize outgrowers, restructured its management team, and refined its production processes and systems to improve profitability.

Speaking about the successful exit, Jerry Parkes, the co-founder, and CEO of Injaro Investments said "This exit is particularly gratifying for the Injaro team because, through our investment and support, we rescued a distressed business and preserved an historic Ghanaian brand that was on the verge of disappearing due to lack of financing. The operational improvements and supply chain innovations implemented by our teams enabled us to sustain factory jobs, generate income for local farmers and to realise a cash return for dozens of Ghanaian shareholders whose investments in Agricare had yielded little liquidity for decades. This is indeed a case study on the power of purpose-driven investments to create value for multiple stakeholders. We wish FMGL and the Agricare team every success as they take the baton to achieve even greater feats.”

Nick Hutchinson, the Managing Director of Flour Mills of Ghana Limited commented "The acquisition of Agricare represents a significant building block in our journey to remain Ghana's leading supplier of a portfolio of quality animal nutrition products, meeting the ever-evolving needs of poultry and livestock farmers. We are very excited about the potential presented by the addition of Agricare branded offerings to our range of Sankofa poultry feeds and look forward to partnering with value chain stakeholders to realize the resulting business opportunities."

Injaro remains enthusiastic about its role in supporting the growth and sustainability of Ghana's promising SMEs through the funds it manages.

Injaro was advised by N. Dowuona & Company who acted as its legal advisor.

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About Injaro:

Injaro Investment Advisors Limited is an investment advisory firm licensed by the Ghana Securities a Exchange Commission and is part of an international group which manages over USD 100M across multiple funds and has investments across Sub-Saharan Africa. The team has expertise in the areas of private equity, corporate finance advisory, asset management, management consulting and project Management. Injaro manages the Injaro Agricultural Capital Holdings Limited Fund, the Agribusiness Capital Fund, the Pro Impacto Fund, and the Injaro Ghana Venture Capital Fund.

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About Injaro Agricultural Capital Holdings Limited:

Injaro Agricultural Capital Holdings Limited was established in April 2012 to achieve the dual goals of social impact and sustainable financial returns via investments in small to medium-sized agribusinesses in West Africa. The Fund is managed by Injaro Investments Limited, which is licensed by the Mauritius Financial Services Commission to manage Collective Investment Schemes.

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