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1K1V backs Lesotho Trout Farm for its third deal

One Thousand & One Voices (1K1V) announced its third deal last week, buying an aquaculture business located in the Kingdom of Lesotho. The private family capital fund’s new asset is SanLei, a trout producer located on the shores of the Katse Dam in the land-locked country’s highlands. Terms of the deal were not disclosed.

The company, which is the largest of its kind on the continent, produces and processes sushi-quality trout which is primarily sold in the South African and Japanese markets. SanLei, loosely translated from Japanese, means “where the mountains meet the sky”, evocative of the business’ unique, pristine high-altitude location. The company has an exclusive strategic marketing and distribution agreement with Japan’s largest joint procurement supermarket chain, GCC Japan, allowing it to sell and market SanLei trout throughout its more than 4,000 stores under the “Shizen No Ashiato” or “Trace of Nature” brand.

SanLei joins two other agribusinesses in 1K1V’s portfolio. The first, an investment in RedSun Dried Fruit and Nuts, was announced in February 2015, while the second, a deal for a minority stake in Beefmaster Holdings, closed in December 2015. No terms for either deal were disclosed.

In May 2016, the private equity fund, which is targeting $300 million in commitments, announced that it had secured $121.3 million from over 35 LPs, according to a filing made with the US Securities and Exchange Commission. The fund, which solicits minimum investment commitments of $100,000 from high net worth individuals and family offices, targets opportunities in agribusiness, consumer, retail, logistics and manufacturing industries in sub-Saharan Africa. The firm’s stated strategy is to invest between $10 million and $14 million in cash-flow positive firms capable of generating an annual EBITDA in excess of $2 million.

 

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