Catalyst Principal Partners, a Mauritian private equity firm has totally acquired Tanzania’s leading tea packaging firm, Chai Bora Limited from Kenyan investment company Transcentury Limited.
Commenting on the development, Mr Rajal Upadhyaya, Catalyst Managing Director said: “Our aim is to support the continued growth and expansion of the business within Tanzania and across the region so that consumers can continue to benefit from an increasingly wide variety of affordable high quality Chai Bora products and brands.”
He added: “Chai Bora is a recognized Superbrand in Tanzania where it has established a leading market share as the premier tea company in the country.”
According to Upadhyaya, the acquisition is in tandem with the company’s interest in businesses that contribute to increasing local demand and economic conditions.
“By sourcing 100 per cent of its tea from Tanzanian farms and through its processing and packaging facilities, Chai Bora is supporting local production, generating employment and adding value to the economy,” Mr Upadhyaya said.
“As a responsible investor, Catalyst is particularly proud of Chai Bora’s stellar corporate responsibility programmes, with its commendable record of promoting community development in Tanzania and its strong advocacy and support of HIV awareness in the workplace,” he added.
The Chai Bora Managing Director, Mr David Gachoki, said that Catalyst has very ambitious and innovative expansion plans for the future and that “the entry of Catalyst is at an opportune time as the additional investment of capital and expertise into the business will provide the much needed impetus and capacity to support” the growth.