Vasari Beverages raises $100m to fund expansion strategy in Africa

Alcoholic beverage investor Vasari Beverages has completed a $100 million capital raise to fund a set of growth opportunities, including the expansion of its existing drinks operations in Ethiopia and the pursuit of new acquisitions across Africa and Asia.

The capital was exclusively supplied by pan-African investment bank RMB.

Led by Vivian Imerman, Vasari Beverages has operated companies such as Scottish distiller Whyte & Mackay, Del Monte International and confectionary producer Nabisco.

Commenting on the capital raise, Vasari Group CEO Vivian Imerman said: “Over the past six years we have been involved in the deployment of more than $250 million in capital investment to develop our frontier and emerging markets beverage strategy. 

“Vasari Beverages has a highly activist investment approach and seeks to build long term sustainable value. This capital injection is a step forward in pursuing our investment strategy across compelling opportunities in our target regions.”

Vasari Beverages owns 98% of the controlling offshore company of Dashen Brewery, one of Ethiopia’s largest breweries. Dashen will use some of the capital raised by Vasari to double its total production capacity to 5 million hectolitres.

Also in Ethiopia, Vasari plans to invest in boosting production capacity at spirits company Rorank Business, which produces a range of distilled liquor products under the Super Eagle and Crystal brands. In 2014, Vasari acquired a majority stake in the business. Rorank will use some of the capital raised to build a new distillery, tripling the annual capacity of the business from the current 8 million litres of alcohol to 25 million litres capacity.

In 2016, Vasari acquired the operational assets of South African drinks producer KWV for $85 million. Established in 1918, KWV has a global footprint with a portfolio of brands represented in about 100 markets.