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March 15, 2019
RAMCO PLEXUS: Partners With Proparco

Proparco, a subsidiary of Agence Française de Développement (AFD) focused on private sector development, extended financing to Ramco Plexus. The facility is primarily earmarked to finance the modernisation of some production lines, through the acquisition of new machines and innovative technologies as well as to support the Group’s external growth, in particular through its acquisition strategy.

This was announced during a closing ceremony attended by Proparco’s Regional Head of East Africa, Jean-Benoît du Chalard, who stated that “We are very impressed by the fast transformation of the Group which is making major progress towards reaching international standards, in particular in terms of governance – with a strong professionalisation of the management team.”

The financial support received from both Proparco as financier, and Amethis (a French Private Equity fund dedicated to Africa) as shareholder will further help the company reach higher standards in governance and continue its progress on the setup of an integrated platform and on the institutionalization of its printing and packaging business.

Ramco Group CEO, Amit Patel, was grateful to have a new partner in Proparco. He reiterated on how the Group started as a family-business, 70 years ago, operating as a small hardware store in Nairobi and has grown significantly over the decades, with over 50 subsidiaries at present, including new acquisitions in 2018. It employs over 4,000 staff across its 4 countries of operation, with a target top line revenue of USD 1 billion in the next 5 to 10 years.