Standard Chartered Bank’s Private Equity division has invested US$74m to acquire a minority stake in ETC Group Mauritius (ETG) in a deal that values the company at over US$500m. ETG is an integrated agricultural supply chain manager in east and southern Africa.
ETG originates, processes and distributes soft commodities primarily in sub-Saharan Africa, India and China. ETG will use the funds to boost its leading positions in core markets as well as expand into new geographies.
Ketan Patel, managing director at ETG, said: “Standard Chartered has been a valuable financial partner for us over many years. This investment is testament to the bank’s deep understanding of our business, proactive recognition of and commitment to our growth potential. ETG has predominantly funded its growth from internal sources for the past 30 years. This capital investment enables us to take our business to the next level.”