After acquiring 44.04 percent stake in Cellulant Corporation, last year, US-based TPG Capital has bought a 33.9 percent stake in dairy processor Maziwa Ltd. According to the deal, subsidiary of TPG Capital, Pledge Holdco Ltd , will participate in running the business that distributes milk and milk-related products across Kenya, Uganda and Zambia.
The Competition Authority of Kenya(CAK) has “approved the proposed subscription of 33.9 percent of the issued share capital and joint control of Maziwa Limited by Pledge Holdco Limited unconditionally,” said the approval. TPG Capital said it also has interests in Kenya’s Dodla Dairy Ltd, after a 2017 purchase of a Sh5 billion stake in India-based parent company. Maziwa Ltd is a minority player with 0.9 percent market share in the Kenyan market, while Brookside Dairy’s has a share of 40 percent, Sameer (14 percent), New KCC (25 percent), Githunguri (12 percent) and Pascha’s 1.7 percent. However, after the transaction, Maziwa’s market share will go up to 3.9 percent. Maziwa, is wholly-owned by Mauritius-based Bainne Ltd , that distributes milk and milk-related products under the brand name ‘Lola’. Maziwa and Dodla, products are sold across Kenya and beyond where their 2018 combined and relevant turnover surpassed Sh1 billion.
Last year, TPG Capital spent Sh4.8 billion to acquire a stake in Cellulant, a payments solutions provider with operations in 33 African countries serving banks and telcos.
