Kenya Nut, Proparco mull financing deal
Kenya Nut Company (KNC) is seeking unspecified funding from proparco, a development finance institution to fund its development plans.
A statement from Edward Burbidge, chief executive of I&M Burbidge Capital, the transaction advisors, gave little away saying the deal is the first of a two-phased disbursement plan.
Reached for comment on the exact nature of the Debt Financing Transaction by Proparco, Burbidge said he was not at liberty to divulge the details.
“We would need to get an authorisation from both our client and the investing party in order to share specific details on the size and use of the proceeds,” he said.
According to the statement, I&M Burbidge Capital advised Kenya Nut on all fronts of the transaction, including structuring, sourcing financing from the market, evaluation of offers that were received and managing various deal complexities.
KNC is one of the leading macadamia nut processors in East Africa, renowned for its high quality macadamia and cashew nuts, and popular for its various brands including; Out of Africa, Nutfields, Morendat, and Leleshwa.
The company has won various prestigious awards including a double Gold medal award from the International Michelangelo Wine and Spirits Awards for two years in a row, in 2016 and 2017.
Proparco, the private sector financing arm of French Development Agency (AFD) is a public financial institution that implements State policies
It has been providing funding and support to both businesses and financial institutions across continents.