Africa’s crucial aquaculture industry boosted as 1K Africa completes recapitalization of specialist aquaculture company SanLei™
Denver, Colorado & Stellenbosch, South Africa (March 10, 2020) – 1K Africa, a private family capital fund backed exclusively by industry-leading families, today announced the successful recapitalization of SanLei™, its specialist aquaculture portfolio company headquartered in the Kingdom of Lesotho. As part of the transaction, Mergence Investment Managers (Pty)Ltd. acquired a significant minority interest in SanLei on behalf of its Lesotho pension fund client. The transaction positions SanLei to accelerate its expansion towards becoming the largest trout operation of its kind in Africa with the benefit of a strong Lesotho-based shareholder in its capital structure. It also allows the Lesotho pension fund to participate in the anticipated growth of a leading Lesotho aquaculture company and enables 1K Africa to return capital to its investing families.
The announcement coincides with the recent release of the Ocean and Coastal Fishing and Fish Farming in South Africa 2020 report which notes that with natural fish resources in decline and growing demand for fish, aquaculture is becoming increasingly important. The sector is also vital for job creation and food security.
SanLei™ is located on the shores of the Katse Dam in the remote highlands of Lesotho, a site known for its deep, pristine waters and highly favorable environment for growing premium trout. The company supplies premium trout to international export markets while creating employment in Lesotho and raising global awareness of one of the world’s most breath-taking mountain landscapes.
“With the pension fund in the capital structure, we believe SanLei is even better positioned than before for continued growth and expansion,” says Krijn Resoort, Chief Executive Officer of SanLei.
“Having witnessed the growth at SanLei under Krijn’s leadership, we are excited about what the future holds for this Lesotho company. We also believe that 1K Africa’s, coupled with a strong local shareholder, could further accelerate international opportunities for SanLei, thereby benefiting the Kingdom of Lesotho and its people,” shares Kasief Isaacs, the Joint Head: Unlisted Investments of Mergence Investment Managers.BACK TO ALL ARTICLES