Private Equity Firm DOB Equity has invested in Victory Farms to expand its reach in the Kenyan market and ramp up production capacity. The investment allows DOB equity to tap into the $500 million Kenyan fish market, in a country where per capita fish consumption is less than half of Africa’s average.
DOB Equity’s investment follows rising fish consumption in East Africa. A report by Private Equity Wire says that wild catch in Lake Victoria has reached its limits. Tilapia stock is 80% lower than it was 20 years ago. Further, fish from china, which plugs the supply gap, fell by 50% to 8,900 tonnes between February and September. DOB Equity Co-CEO Hayo Afman says the investment will help Victory Farms to meet the increasing demand for protein in the region.
The five-year-old Commercial fish farm will use the investment to expand. It aims to become the most sustainable fish farm on the continent. Victory Farms MD Joe Rehmann said, “The entry of DOB Equity will help to further boost the firm’s efforts to expand while helping them reach their goal of becoming the most sustainable fish farm on the planet. We are thrilled to have partnered with DOB Equity, who share our vision of fostering social development by delivering safe and affordable food to the mass market in an environmentally sustainable way.”
Victory Farms supplies Tilapia to the Nairobi market. Established in 2015, the company has 20 branches in the Capital, selling fish to local food markets. The company also owns hatchery ponds, deep water cages, a processing plant and a cold chain distribution in Nairobi and Western Kenya.