AgDevCo, a specialized investor in African agriculture, has made a strategic equity investment in Agris, a division of Maris Ltd, to enhance fresh-food production and distribution in East Africa.
This investment, securing a minority stake in Agris, reflects AgDevCo’s confidence in the company’s potential to drive a positive impact in the region’s agricultural sector. The primary focus will be on cultivating high-quality herbs, vegetables, and avocados for domestic and international markets.
Chris Isaac, Chief Investment Officer at AgDevCo, commended Agris’ success in Kenya’s agricultural landscape, emphasizing their shared vision for food security, rural employment, and sustainable agro-industries.
Agris operates through three subsidiaries – Evergreen Fresh, Evergreen Herbs, and Evergreen Avocados – all demonstrating significant growth since inception. Evergreen Herbs, a leading producer of fresh-cut herbs, and Evergreen Fresh, the distribution arm, play crucial roles in ensuring quality and consistency in produce supply.
Agris’ joint venture with Granot cultivates over 400 hectares of avocados for export, with AgDevCo’s previous investment facilitating orchard expansion and research development.
Ran Kadosh, CEO of Agris, emphasized the investment’s transformative potential, driving innovation and sustainability in agri-business practices to advance East African agriculture and global food security.
Legal support for the transaction was provided by reputable firms including Charles Russell Speechlys, YKJ Legal, Anjarwalla & Khanna for AgDevCo, and Angeli Arora from Allectus Law representing Agris.
Agris, a subsidiary of Maris Ltd, offers investors access to a diversified portfolio of agri-business operations aimed at meeting the growing demand for high-quality fresh produce in global markets.
AgDevCo, with a portfolio of over 65 investments and USD 280 million under management, is committed to fostering sustainable and impactful agribusinesses in Africa, promoting economic growth while safeguarding the environment.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
30th April, 2024
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