Metier Capital Growth Fund III invests in one of the largest independent maize millers in South Africa
Metier, through its Capital Growth Fund III (“MCGF III”), has partnered with the van den Berg family in an investment into Blinkwater Meule (“Blinkwater”), a vertically integrated maize meal producer and retailer in South Africa.
Blinkwater manufactures quality maize meal products exclusively under its own brands to meet the nutritional needs of millions of consumers predominantly residing in the Mpumalanga and Limpopo regions in South Africa. The business was established in 1995 by the van den Berg family and has a unique distribution network, which includes its own logistics solution to c. 325 corporate-owned retail stores in informal areas and independent wholesalers in the north-eastern provinces of South Africa.
Paul Botha, CEO of Metier, said that “Blinkwater is a compelling business with a recognised brand, a unique distribution model and a history of meaningful positive impact in the communities in which it operates. We are looking forward to partnering with the van den Berg family to grow the business further.”
Blinkwater currently produces c. 271 000 tonnes of maize meal annually, which is sold at retail stores and independent wholesalers in rural areas in Mpumulanga and Limpopo; and provides jobs, promotes food security and supports c. 4 400 subsistence farmers in the local communities in which it operates.
Nico van den Berg, founder of Blinkwater Meule, said that “We have been fortunate to build a business that we are proud of, in an industry that is uniquely South African, and which operates in areas where we have made, and will continue to make a positive societal contribution. We are excited about our plans to grow the Blinkwater business with the investment and support of the Metier team.”
Blinkwater is the fourth portfolio company of MCGF III, which recently had its final close at over $219 million of capital, exceeding its targeted fund size of $200 million. The Fund has a geographic focus on sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with strong growth features and that can make a meaningful impact on the African continent.