Africa-focused private equity manager EXEO Capital has backed Zambian fish distributor Capital Fisheries with a $6.4m investment.
The cold-chain distributor is the latest deal from EXEO’s Agri-Vie Fund II, which is understood to be out targeting up to $200m for a hard cap close.
The firm had collected about $175m for the fund in July last year, AltAssets revealed, well above its $100m first close from February 2017.
EXEO partner Kennett Sinclair said the decision to invest in Capital Fisheries was driven by the market prospects for the line of business in Zambia and the company’s proven business model.
Mr. Sinclair said more than half of the animal protein consumed in Zambia consists of fish.
Capital Fisheries sells fish, sustainably harvested in Zambia, Zimbabwe and Namibia, and more recently has added smoked fish as well as different cuts of Zambian beef and sausages.
Sinclair said, “Capital Fisheries already has a large market share in fish distribution in Zambia. The company’s innovative model of wholesaling frozen products from reconfigured, refrigerated shipping containers placed permanently at markets, small shopping centres and areas where people congregate, has been tremendously successful.”
Capital Fisheries’ Zambian founding shareholders Damian Roberts and Gavin Thomas, stated that consumer spending was expected to accelerate the company’s current growth.
They said, “Zambia’s population is forecast to grow at 2.8 per cent per annum to 2030, with an urbanisation rate of 4.8 per cent per annum. We plan to double our wholesale depots and the supporting cold-chain logistics over the next two years.”
Mr Sinclair echoed this sentiment, adding that Zambia’s GDP per capita was forecast to increase by 2.1 per cent per annum to 2030.
“You have all the ingredients necessary for excellent further growth prospects for this company,” he said.
They should stop importing and distributing chinese tilapia and set up a subsidiary that farms fresh fish in one of our rivers.
We need to work hard to impress our people the importance of applying good fishing methods. Of course because of poverty politicians will always convince our people that government is out to punish them. Personally I enjoy fish from our rivers.
Very true. Fishing needs better management and an injection of technology. Fish from the rivers is always the tastiest.
capital fish is tasteless, it tastes like newspapers. I buy fish from local fish farmers.
@Cozcow, which newspapers have you tasted? Are the best with nshima, rice or potatoes? Lol
Did you taste newspapers to compare fish and newspaper?
By the way which newspaper tastes like fish, if any?
Broiler fish
I buy local fish from Roberts, almost done with my mini pond in the back yard for me to grow fish for my consumption.
Sorry to bore you again. The colonial master knew how to control our behavior including proper fishing methods. There was no closure of fishing season. All they did was identify places where fishing was not allowed, control fishing gear, regulate fish size to catch. Anyone breaching these faced a lengthy jail term. They were ruthless. Come independence everything broke loose like Big Gold Six band sung ati nomba mayendele mu Zambia. Mind set must change if we’re to put things right. Why should we depend on a foreigner to teach us how to look after things God gave us?
More job creation. Expansion is key. More business opportunities for the poor.
I would like to see two Zambian millionaires , one that has a plot in eswatini President Lungu, and one that sold our mines and has accounts in Panama HH, invest in projects like this. They are always just arguing.
Chinese fish they are selling is just dirt water. But it is going for the cheapest
I have started fish farming and have made 4 dams 100×150 metre.
Also made 24 ponds 20×40 metres.
This is stage one of the project and run out of money. now I need funds to complete stage two…
Pumps, piping,fencing then stocking.
I can be up and running in one and a half years but no help from government.
Can’t borrow from banks interest will just kill me.
I have spoken to my area MP several times over the last 2 years but he has neva even bothered to come and see my project… always saying I am out of town/country will come when I get back but nothing….
I have containerized trucks from Namibia with boxes of Tilapia fish and someone tild the fish is imported from China.is Capital Fisheries the one importing fish from China?