Investment to support production, distribution of produce in Kenya

Specialist agriculture investor AgDevCo has made an equity investment in East African agribusiness platform Agris, the agriculture division of Maris Ltd.

The investment, for a significant minority position, will support the growth of Agris’ production and distribution of herbs, vegetables and avocados from its farms in Kenya in domestic and international markets, according to a news release.

“The Agris team has already built three impressive agriculture businesses in Kenya,” Chris Isaac, AgDevCo chief information officer, said in the release. “We’re excited about deepening our partnership in East Africa, with the aim to promote food security, create jobs in rural areas and help drive the development of world-class agro industries.”

Agris’ three operating companies are Evergreen Fresh, Evergreen Herbs and Evergreen Avocados. Evergreen Herbs was started by rehabilitating two farms near Nairobi and is now one of the largest producers of fresh-cut herbs in East Africa, with year-round production and more than 2,000 employees, according to the release.

Evergreen Fresh distributes fruit and vegetables from Agris’ farms and outgrower network to major outlets in Kenya, promoting transparent purchasing relationships with farmers.

Evergreen Avocados is a joint venture with avocado producer and distributor Granot. In March 2023, AgDevCo invested $8 million in the operation at Ndabibi farm in Naivasha to support new avocado orchards. Ndabibi will also be home to an avocado technical research and development facility, according to the release.

“This investment will help us deploy innovative agribusiness practices, to consistently and sustainably produce high-quality fruit and vegetables for the local market and consumers overseas, and continue growing with our partners,” Agris CEO Ran Kadosh said in the release. “It’s the type of transformation we need to see across East African agriculture to accelerate the region’s integration into global food systems so that African producers play a larger role in global food security.”

Founded in 2020, Agris is a subsidiary of Maris Ltd, an early-stage investment group with more than $100 million under management across sub-Saharan Africa. AgDevCo, which has made more than 65 investments to date in African agriculture, has $280 million under management.