Original disclosure @ IFC website
Updated in EWS Mar 2, 2023
Disclosed by Bank Feb 21, 2023
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IFC’s proposed investment is up to US$100 million to participate in a broader US$300 million syndicated secured revolving credit facility to Westfalia Fruit International Limited. The Company grows, sources, ripens, packs, processes and markets sustainably grown avocados all year round, and is a leading multinational supplier of fresh subtropical fruits and related processed products to Asia, Europe, the UK and the US.
The proposed investment will support the Company’s US$300 million investment program comprising the following components: (i) investments in new facilities and in new markets such as China, India, Italy, Kenya, Spain, Tanzania and the US, with the investments in countries such as Italy, Spain and the US being part of the push-pull strategy to service production in developing countries; (ii) expansion of existing facilities mainly in Europe, South Africa and South America; (iii) expansion and maintenance of orchards and nurseries in key primary production areas (Colombia, India, Mozambique, South Africa, Mexico and Peru); and (iv) working capital.
From the IFC's website:
The Company is a subsidiary of Hans Merensky Holdings (Proprietary) Limited (HMH), an existing IFC client (IFC/R2012-0367). HMH is a South African vertically integrated fruit and forestry business with a global footprint that is involved in farming, processing, and marketing of timber and fruits. HMH is owned by the Hans Merensky Foundation (40.02 percent), the Industrial Development Corporation (IDC) of South Africa (29.7 percent) and IFC (20 percent). The remaining shareholders are three Broad-Based Black Economic Empowerment (BBBEE) organizations namely Vuka Forestry Holdings (Vuka) (4.03 percent), Women Investment Portfolio Holdings (3.30 percent), and HMH Employee Share Ownership Plan (2.95 percent).
HMH fully owns Westfalia Fruit (Pty) Ltd, which in turn owns 67.8% stake in WFIL. Other WFIL shareholders are: Caltha LLC (formerly Harvard University Foundation) (21.6%) and Inversiones Agroindustriales Limitada (10.6%).
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Hans Merensky Holdings (Pty) Ltd||Parent Company||Finance|
|-||-||-||-||Westfalia Fruit International Limited||Client||Agriculture and Forestry|
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Client - Westfalia Fruit International Limited:
Rian du Toit - Chief Financial Officer
Phone: +44 7471 353190
Address: St Johns House, 37-41 Spital Street, Dartford, Kent DA1 2DR, United Kingdom
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