Investment firm Tana Africa Capital has taken a minority stake in Palmagri, a Moroccan producer of red fruits, dates and roses. It has invested MAD200m ($20.6m) in Palmagri’s red fruit subsidiary.

Palmagri was founded in 2013 and started its first exports in October 2015 to Europe. It is part of the Bgroup (formerly known as Palmeraie Holding group), a Moroccan conglomerate owned by the Berrada family. It operates farms growing red fruits, dates and roses in Morocco.

Tana Africa Capital has acquired a minority stake in Palmagri’s red fruit subsidiary. Palmagri has 97 hectares in the Agadir and Moulay Bousselham regions for cultivating the fruit trees of red fruits (raspberries and blueberries), and exported 800 tonnes of red fruits in 2018. The company will use the investment to accelerate growth for its export business and cement its position as the leading producer of red fruits in Morocco.

In December 2016, Tana Africa Capital sold its 25% stake in South African-headquartered pan African dairy and beverages manufacturer Promasidor for $399m to Japan’s Ajinomoto.