PepsiCo, the global beverages and snacks company that owns Frito-Lay, has acquired a majority stake in Ethiopian snacks company Senselet Food Processing. Senselet is the owner of local potato chips brand Sun Chips.

Senselet was founded in 2015 by Netherlands-based Veris Investments, which will continue to hold a minority stake. Senselet was founded to improve and develop the potato value chain in Ethiopia. According to the company, more than one million farmers grow potatoes in Ethiopia, but yields are estimated around 20% of the potential.

Veris has partnered with the Government of Holland through the Netherlands Enterprise Agency, the Ethiopian Institute of Agriculture Research and the Wageningen University and Research, to sustain and expand its operations. In 2019, it partnered with FrieslandCampina to invest in the operations of Holland Dairy Ethiopia, as it expands into dairy production such as milk and yogurt.

Senselet owns market-leading potato chips brand Sun Chips. These are produced in a factory that was only inaugurated in March 2019. Located in Sheno around 65km northwest of Addis Ababa, it employs around 150 people. Using locally-sourced potatoes, Senselet makes three flavours: habesha spice, paprika and natural. These are distributed in Addis Ababa and some secondary cities.

Ethiopia is, somewhat reluctantly, starting to open up its economy. In December 2019 The IMF approved a $2.9bn financing package for Ethiopia, whose high growth economy is suffering from a chronic lack of foreign currency and foreign investment. Foreign banks and portfolio investors are still forbidden in Ethiopia and there is hope that the government will start to liberalise the economy further.