Key Takeaways
- Equity Investment: AgDevCo has made a significant minority equity investment in Agris, the agricultural division of Maris Ltd.
- Supporting Growth: The investment aims to enhance Agris’ production and distribution of herbs, vegetables, and avocados in Kenya, targeting domestic and international markets.
- Expansion of Operations: Agris operates through three companies—Evergreen Fresh, Evergreen Herbs, and Evergreen Avocados—each contributing to the rapid growth since its inception in 2020.
- Strategic Partnerships: Agris collaborates with global leaders like Granot to expand avocado production for export.
- Future Prospects: The investment supports Agris’ strategy to deploy innovative practices for sustainable, high-quality production and to integrate East African agriculture into global food systems.
Investment Details
Specialist agriculture investor AgDevCo has taken a significant minority position through an equity investment in Agris, a leading East African agri-business platform. This strategic move is part of AgDevCo’s broader effort to foster sustainable agricultural practices and enhance regional food security.
Enhancing Production Capabilities
The funding will bolster Agris’ capacity to produce and distribute high-quality herbs, vegetables, and avocados from its farms in Kenya. These efforts are geared towards meeting the growing demands of both local and international markets, thereby reinforcing Agris’ position in the global agri-business sector.
Agris’ Operational Expansion
Since its establishment in 2020, Agris has successfully developed three dynamic agriculture businesses under the brands Evergreen Fresh, Evergreen Herbs, and Evergreen Avocados. Evergreen Herbs, initiated by revitalizing two farms near Nairobi, has become one of the region’s largest producers of fresh-cut herbs, operating year-round with over 2,000 employees.
Strategic Partnerships and Investments
Evergreen Fresh is crucial in distributing fruits and vegetables across Kenya, maintaining a transparent and quality-focused relationship with local farmers through a dedicated cold-chain distribution network. In a significant joint venture, Evergreen Avocados has partnered with Granot, a leading global avocado producer, to cultivate avocados on over 400 hectares at Ndabibi farm in Naivasha. This partnership was strengthened in March 2023 when AgDevCo injected USD 8 million into Evergreen Avocados to enhance avocado production facilities and support research and development efforts.
Executive Insights
Chris Isaac, CIO of AgDevCo, expressed enthusiasm about the investment: “The Agris team has already built three impressive agriculture businesses in Kenya. We’re excited about deepening our partnership in East Africa to promote food security, create jobs in rural areas, and help drive the development of world-class agro-industries.”
Ran Kadosh, CEO of Agris, also highlighted the transformative potential of the investment: “This investment will help us deploy innovative agri-business practices to consistently and sustainably produce high-quality fruit and vegetables for the local market and consumers overseas and continue growing with our partners. It’s the transformation we need to see across East African agriculture – to accelerate the region’s integration into global food systems so that African producers play a larger role in global food security.”
Legal Framework
The investment was supported by legal teams from Charles Russell Speechlys, YKJ Legal, Anjarwalla & Khanna for AgDevCo, and Angeli Arora from Allectus Law for Agris, ensuring a robust framework for this significant financial commitment.
Company Background
Agris, a subsidiary of Maris Ltd—an early-stage investment group managing over USD 100 million across sub-Saharan Africa—offers investors a unique gateway to an integrated portfolio of high-performing agri-business operations poised to capitalize on the increasing global demand for fresh, high-quality produce.
Image provided by AgDevCo
