LOCAL fast-moving consumer goods (FMCG) producer and distributor, Efoods, is expanding its operations and will next month be moving shop into a new purpose-built food processing facility in the Light Industrial Park in Pomona, Harare.
The company received a significant financial shot from a European investment fund, Spear Capital, which it has used to build the new facility as well as revamp its operations.
The investment fund, however, declined to disclose the amount of money it had committed to the project.
“The investment marks a pivotal moment for Efoods, empowering the company to further innovate, expand and solidify its position as a leader in food manufacturing and the FMCG space,” Efoods managing director Grant Evans said.
He said the facility was built to Food Safety System Certification 22000 standards, an internationally accepted certification scheme.
“Spear Capital’s investment into our company gives credibility to our business strategy in what is a difficult economic environment. It proves that local Zimbabwean companies with passion and purpose can thrive and grow despite the circumstances,” he said, adding that the infusion of capital by the European fund will support Efoods in continuing to deliver exceptional products to its diverse customer base, both locally and regionally.
He said his company looks to more than double output to 495 tonnes per month from 230 tonnes as a result of the “more efficient equipment, ‘cooking time’ will halve too; so output will increase significantly”.
“The company’s recipes are developed in-house to prioritise health, incorporating reduced sugar and natural additives, whenever possible. This is amplified in the imminent revival of the Mani brand, a range showcasing natural and wholesome products catering to the vegan and gluten-free.
- Dissecting OK Zim’s business recovery plan, GROWTH strategy
- Dairibord sets sights on robust regional growth
- Efoods expands operations
- OK Zimbabwe’s first dividend miss in years
Keep Reading
“A key benefit lies in local sourcing of inputs and ingredients, highlighting a #LoveLocal approach. This approach aligns with the company’s and Spear’s sustainable business practices, contributing to the economic growth of local industry and communities as a whole.”
A key player in the culinary industry, Efoods specialises in a variety of spices and condiments under the Mr Sauce, Miri Piri and, most recently, Natural Forest, a natural honey brand.
During the two decades of its existence, the company has grown to be one of the major suppliers of premiere sauces, sachets and marinades to restaurants, hotels and catering companies across the country.
Spear Capital is a European private equity company with branches in Cape Town, South Africa and Zimbabwe. It has a fundraising office in Oslo, Norway.
It invests in consumer-based businesses that are supported by the spending of the African middle class.
This includes local manufacturing and processing industries, specifically in food and beverage, retail and wholesale and healthcare.
According to information on its website, Spear Capital has two other investments in Zimbabwe — Metro Wholesalers, and dairy products producer, Dendairy.
Efoods, which has been operating from the Workington industrial area in the capital for the past 12 years, last year acquired Natural Forest, a highly regarded honey brand which is widely available on supermarket shelves across the country.
The acquisition bolstered Efoods’ position as a player in the food manufacturing and processing space driving competition and adding value locally, Evans said then.
