RMG Concept Ltd. Raises €50 Million from AFIG Funds’ Atlantic Coast Regional Fund and Standard Bank
RMG Concept Ltd. (“RMG”), a leading distributor of crop protection products in West Africa with primary operations in Abidjan, Côte d’Ivoire has announced a partnership with Wienco (Ghana) Limited, a leading supplier of agro inputs in agriculture in general and cocoa in particular in Ghana.
In connection with this partnership, RMG also announced a €50 million financing arranged by LiquidAfrica Holdings (“LAH”) of South Africa, and led by Advanced Finance and Investment Group (“AFIG Funds”), manager of the Atlantic Coast Regional Fund (“ACRF”), with debt lead arrangers Standard Bank of South Africa.
The proposed partnership allows RMG to leverage Wienco’s position as a leading supplier of agro inputs to the Ghana economy, and in particular to take advantage of Wienco’s experience in the development of private sector initiatives aimed at improving yields and revenues amongst smallholder farmers. These include Wienco’s widely successful Cocoa Abrabopa scheme, which supports farmers through the supply of fertilizer and agro-chemicals on credit, training in input application methods, as well as key aspects of business training.
Speaking on behalf of ACRF, Papa Madiaw Ndiaye, CEO of AFIG Funds, said: "We are pleased to join RMG in this partnership with Wienco. We strongly believe that RMG’s competitive positioning and client value proposition will be greatly enhanced by its alignment with a market leader such as Wienco."
Advanced Finance and Investment Group LLC ("AFIG Funds") is a private equity fund management company with offices in Dakar, Johannesburg and Washington, DC. Atlantic Coast Regional Fund LLC (“ACRF”) considers investments in all sectors, and targets strong growth companies, preferably with a regional scope, in its target region. AFIG Funds is supported by AMSCO.
