JOHANNESBURG - Asset manager Carlyle Group said on Wednesday it had completed the acquisition of a majority stake in Tessara, a manufacturer of preservation technologies used in marketing and exporting fresh produce.
It said the transaction closed on 31 July 2018 and funding came from Carlyle Sub-Saharan Africa Fund.
Founded in 1985, Tessara has a growing global market position in sulfur dioxide-based sheets used in preserving fresh produce.
Its flagship product is Uvasys, primarily used to protect table grapes against Botrytis infection, which is responsible for almost half of all post-harvest agricultural loss.
"Tessara is a great business with exciting growth prospects," said Bruce Steen, Principal in Carlyle’s Sub-Saharan Africa Fund.
"We look forward to partnering with Tessara at this exciting time, supporting their continued growth and innovation and fueling expansion into new products and markets, especially China and USA.”
Tessara CEO Craig Cloete said Carlyle’s global network, scale and experience, supporting international growth, would help his company boost sales and expand into new markets.
The Carlyle Group has $201 billion of assets under management across 324 investment vehicles, and many of its investors are public pensions.
Established in 2012, the Carlyle Sub-Saharan Africa Fund and its affiliates, with $698 million of committed capital, have invested over $450 million across a variety of industries, including energy, financial services, TMT, retail, logistics and mining services in South Africa, Gabon, Nigeria, Mozambique, Zambia, Tanzania, and the Democratic Republic of Congo.