The Norwegian Investment Fund for Developing Countries (Norfund) has invested in QSR company Sundry Foods, owner of the Kilimanjaro, Pizza Jungle, Kilishawarma, Nibbles, Suncrust fast food brands. Sundry Foods operates 50 outlets across 11 states in Nigeria.
Silk Invest African Food Fund, a Luxembourg-domiciled private equity fund managed by UK-based Silk Invest will reduce its stake in Sundry Foods as a result of the Norfund investment. Silk Invest bought into Sundry Foods in 2012, helping grow the company from 7 outlets to its current network of 50 restaurants, bakeries and catering units employing 1,600 people.
Sundry Foods plans to increase its footprint in underserved regions and grow its brand portfolio.