As part of its long-term mission to realize growth in emerging markets, Belfast-based agtech company Devenish Nutrition has invested $2.25 million in Kenya’s Sidai Africa.
Established in 2011 with backing from the Bill and Melinda Gates Foundation and Farm Africa to help enhance sustainability in Kenyan agriculture, Sidai supplies crop and livestock services with a unique “last mile” service that ensures needed services to smallholders in the country’s most remote regions.
“We’re thrilled to announce our investment in Sidai,” said Peter Wallace, executive vice chairman of Devenish. “As a business, we are particularly focused on sustainable farming and food production and this new partnership will enable us to make a difference by improving the livelihood of small-scale farmers across Kenya.”
Up to a quarter of all livestock across Africa die each year from preventable diseases. With this funding, Sidai will be able to expand its distribution network, develop new products, and reach more farmers, resulting in a healthier herd, and increased incomes and financial security for the country’s agricultural producers.
“Sidai has already had a very positive impact on the local farming community and I hope that this investment, coupled with our commercial input, innovation and nutritional expertise, will help the company grow further and reach even more farmers and pastoralists across Kenya,” said Michael Maguire, East Africa Director, Devenish.
“The deal means better, more affordable agricultural inputs and veterinary services for some of the world’s most neglected and under-served farmers, more jobs in agribusiness and, ultimately, more prosperous rural communities,” added Nicolas Mounard, CEO, Farm Africa.
A Landmark Commitment
Founded in 1952 in Belfast, Ireland, Devenish Nutrition has grown to a leadership position in animal nutrition, human health, and environmental sustainability. Combining science, technology, and innovation, the company supports food production systems that improve performance and create value in the ag supply chain, delivering sustainable and innovative solutions and products across more than 30 global markets, generating turnover of £150 million (US$196 million).
It wasn’t long ago that Devenish itself made news for an investment secured, when the European Investment Bank (EIB) led investors including the Ulster Bank and Danske Bank in a €118 million (US$136.7 million) investment in the company.
The investment on the part of the EIB is the largest ever made by the bank in Ireland’s agtech sector, and is also the first investment in Ireland’s agribusiness industry under the Investment Plan for Europe – a plan established through a strategic partnership between the EIB and the European Commission (EC).
Sidai
Since its inception eight years ago, Sidai has seen significant growth, now counting 11 stores, 87 franchisees, and 120 direct employees.
“I am absolutely delighted that Devenish, a company with compelling business values and the motivation to support farmers in eastern Africa, is taking a significant stake in Sidai,” said Richard McDonald, chair of Farm Africa.
“Farm Africa started Sidai and helped grow it into the sustainable enterprise that it is today. “Devenish will supercharge Sidai’s growth, bringing world-class animal nutrition expertise to the Kenyan market. The deal is excellent news for both Devenish and farmers working across Kenya, more of whom will gain access to life-changing services and products.”
Lynda Kiernan