Schulze Global Investments Limited (“Schulze Global”), a leading frontier market private investment firm, has completed the acquisition of a 45% stake in MB PLC (“Family Milk”), a leading dairy processor in Ethiopia.
Speaking at the announcement ceremony, Greg Metro, the Managing Director of Schulze Global Ethiopia, said that the company was exited to partner with Family Milk and build the leading dairy company in the Ethiopia. “Family Milk is among the fastest growing dairy processors in Ethiopia with a strong brand. We believe that through implementing international best practices in dairy processing and product development, supplementing management and technical expertise, and investing substantial growth capital, the Company is well positioned to help transform the dairy sector in Ethiopia,” Mr. Metro said adding that Schulze Global’s Ethiopia-focused investment fund is focused on continuing to make further investments in companies and sectors that it can actively support in playing a leading role in industry development and growth.
Family Milk’s founder, Mechal Argaw, on his part said that Schulze Global is a critical partner in the company’s ambitious growth strategy. “Family Milk’s vision is to become the pioneer in new product development in Ethiopia, and to be recognized for delivering the industry’s highest standards in quality, innovation, service, and social responsibility,” he said, and the company’s choice to work with Schulze Global was due to the Fund’s local presence, tremendous value-add capability, and strong partnership values.
The guest of honor at the announcement ceremony, Dr. Mebratu Meles, the State Minister of Industry, commended Schulze Global on its latest investment in the manufacturing sector. “The key agenda in Ethiopia now is how to translate growth into sustainable and inclusive development by driving structural transformation of the economy. Schulze Global’s investment in Family Milk is aligned with the government’s strategy in GTP II which focuses on developing a robust manufacturing sector.” He added that the government encourages these types of partnerships and investments as they help improve the international competiveness of domestic manufacturing firms.
Schulze Global is an American private investment firm focused on the world’s most dynamic frontier markets. Schulze Global manages several hundred million dollars of investments across various markets in Asia, Latin America, and Africa and works in partnership with some of the world’s most prestigious institutional investors. Schulze Global is the pioneer of private equity investing in Ethiopia having raised the first country-focused private equity fund in 2013 and has had a local team operating since 2008. The firm has made growth equity investments in Ethiopia across a variety of industries including food-processing, construction, pharmaceuticals, coffee, education, and dairy.
Founded in 2001, Addis Abeba-based Family Milk is one of the leading milk brands and among the fastest growing dairy processors in Ethiopia. The Company produces milk and milk products and distributes them to a diversified customer base across the Addis Abeba area including retail outlets, hotels, restaurants, and cafes. Family Milk also possesses long-term supply contracts with Ethiopian Airlines as well as various hospitals and government agencies. The Company’s current product mix includes pasteurized milk, butter, yogurt, and various cheese types such as cottage, mozzarella, provolone, ricotta, and feta.