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  • Writer's pictureWendy de la Harpe

Botswana’s Largest Established Vegetable Producer – expansion

  • Established in 2010 – expanded to +8,000ha of freehold land under management across 3 farms producing vegetables and lucerne / grazing land enabling all year round production

  • Exceptional revenue growth over the past years:

    • Annual turnover of $24.5m (BWP 270m)

    • 2019 Revenue of $4.25m (BWP47m)

    • 2019 EBITDA of $994k (BWP11m)

  • Asset base of $21m (+BWP232m)

  • Main crops are potatoes, butternut, tomatoes, green peppers, beetroot and carrots, other crops include onions and maize for crop rotational purposes

  • Now occupying an estimated +40% market share of local supply chain of potatoes and carrots

  • Currently employing +300 people fulltime and 150 seasonal workers

  • Main customers are local retail chain stores who buy in bulk and vendors who pay by cash. Main retail customers include Spar, Choppies, MrVeg, Shoprite, Woolworths, Veggieland, Saverite

  • All produce is sold in branded packaging material

  • Irrigation water supply is being sourced from the Limpopo River and Shashe River

Use of Funds:

  • Settle long term loans with local commercial banks - this will release bond secured on assets by these institutions

  • Acquisition of moveable and non-moveable assets

  • Working capital for farms under production

Location: Sherwood, Tuli Block, Botswana (close to SA border)

Funding Required: $14 million for its Phase 2 Expansion capital needs

  • Preferred instrument: Pure debt finance, bullet repayment with a refinancing option.

  • Collateral offered to the guarantor: Freehold Zoned Farmland with a market value of $16.3m (+BWP 180 million)

Note: US$3 million investment from local DFI now confirmed


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