Classification
Industry Segment	FMCG – Confectionery, Snacks, Ready-to-Drink Juices and Culinary Spice Products
Investment Type	Shareholder Activism
Subsidiary investment type	Growth Capital
Our entrepreneur partners	Mikul and Chehar Shah
Status	Current

Kenafric, headquartered in Nairobi, Kenya, is a family-owned business that was originally founded by Velji Punja Shah and his four sons (the “Shah family”) in 1987. In 1991, Kenafric began the production of confectionery items and has since evolved into a Pan-African diversified consumer platform with a distribution network in Kenya, Uganda, Tanzania, the Democratic Republic of Congo, Ethiopia, Rwanda and other countries in East Africa.

Kenafric manufactures more than 280 branded confectionery products including toffees, candies, lollipops, bubble-gum, chiclets (soft chewing gum), powdered juice and ball-gums – the primary products are chiclets, bubble-gum and lollipops. The food products include “mchuzi” mix, stock cubes and curry powder that are all sold under the Oyo brand.

The Fund partnered with Amethis Africa Finance (“Amethis”) in October 2016 to collaboratively work towards an investment into Kenafric. The transaction is limited to the confectionery and culinary business of Kenafric with a single manufacturing facility in Kenya. The Shah family will continue to operate the footwear and stationery business separately.