KENYA - James Finlay Ltd plans to sell its horticulture subsidiaries in Kenya and Tanzania for about $151.9 million.
The company will retain Finlay Flowers in Kericho but sell Finlays Horticulture Kenya and Finlays Horticulture Tanzania to Sun Capital Partners Inc in a deal expected to be completed before the end of the year.
According to James Finlay, the sale will allow the firm to focus on the drinks business.
Sun Capital signed an agreement to buy Finlays Horticulture, which exports fresh vegetables and flowers produced in Kenya, Tanzania and South Africa to Europe. The terms of the deal have not yet been disclosed.
Parties in the deal
The estimated value is about Ksh15.5 billion ($151.9 million). Firms in the transaction include Bedfordshire UK-based Finlay Flowers, Stevenage-based Finlays Fresh Produce UK, Finlays Horticulture Kenya, Finlays Horticulture Tanzania and Dudutech (Kenya).
Managing director Guy Chambers said the decision to sell Finlays Horticulture was not taken lightly as the firm has a strong customer base, an experienced management team and is performing well.
“Finlays has a global footprint in the beverage industry. We own and operate tea estates, extraction facilities for tea, coffee and plant extracts, packing facilities and research and development labs across four continents,” he said.
Sun European Partners is a private investment advisory firm, focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform