Industry Newsroom

Silk Invest Partially Exits Sundry Foods to Norfund

Frontier markets-focused asset manager Silk Invest has partially exited Nigeria-based food services company Sundry Foods to Norwegian development finance institution Norfund. Sundry Foods, which operates quick service restaurants, bakeries, and catering units, plans to leverage its new partnership with Norfund and existing relationship with Silk Invest to expand its product offerings and increase its presence in Nigeria. Silk Invest first invested in Sundry Foods in 2012 through African Food Fund and will retain a minority stake in the company. Financial details of the transaction were not disclosed.