Zoscales Partners has invested in Ethiopian biscuit manufacturer Ahadukes Food Products, whose brands include Marie Gold, Ginger Crunch and Tiger Creams. The investment aims to help the business increase production capacity, add up to 150 new jobs and improve export performance.

Ahadukes Food Products was founded by Ahadu PLC, an Ethiopian conglomerate with interests across manufacturing, agribusiness, pharmaceuticals and real estate. Its new factory in Bishoftu, 40 km south east of Addis Ababa, was inaugurated in 2015 at a cost of Br800m (then $36m). The new factory came after UK investment group Vasari Global, acquired an interest in Ahadukes in 2013. It produces seven types of biscuits and will be used to manufacture pasta, baby food and flour.

Zoscales Partners (ZP) launched its first $75m private equity fund, Zoscales Fund I, at the beginning of 2018. It has since deployed over 50% of the capital in the fund across 4 investments, of which Ahadukes Food Products is one. In 2020 it will launch its second fund.

According to Chairman of the Ahadu Group, Solomon Wondimneh,

“Besides increasing production lines, ZP’s investment will fund milling and silo to stabilize the impact of seasonality of raw materials and manage costs [..] ZP will also help prepare Ahadukes for exports while improving local distribution.”