Firm puts Sh220m in meat firm

Fanisi Capital Ltd has announced a Sh220 million ($2.5m) investment in Ngare Narok Meat Industries Ltd. The funds will be used to finance the Rumuruti-based meat processor’s expansion into value-added products and utilisation of abattoir by-products.

Ngare Narok’s Chairman Ndiritu Muriithi said the investment would generate about 75 direct jobs in Rumuruti and another 150 along the livestock value-chain in Laikipia and Samburu.

“These value-chain players are suppliers of raw hides and skins; and pastoral communities in Laikipia and Samburu, who sell their cattle at the weekly Rumuruti livestock auction and in surrounding markets,” he said.

Targeting SMEs

In a statement yesterday, Mr Muriithi said the investment would also enable Ngare Narok Meat to increase its slaughter output and diversify its product range, including manufacturing of organic compound fertilisers from abattoir waste.

Fanisi Managing Partner Tony Wainaina said the investment is a unique demonstration of the firm’s commitment to investing in growth-oriented small and mid-sized corporates.

“The structure of the deal as part equity and part musharaka, is a first among funds targeting SMEs in the region,” said wainaina.

Fanisi is a $50 million (Sh4.4 billion) fund investing in growth SMEs in East Africa.