Kenafric Group of Companies, a conglomeration of manufacturing companies, says it has entered into a joint venture with Britannia Industries (Britannia & Associates (Dubai) Private Company Limited (BADCO) and bought Britania Foods Limited, Kenya.
The purchase was completed in August 2022, according to Lorna Solopian, Head of Legal & Compliance, Kenafric Group, who spoke to Khusoko.
Ms Solopian says closing the deal cost between USD15-20 million. “It was value for money,” she says.
The company now owns the five-acre piece of land, state-of-the-art factory equipment, and the brand Brittania and its associates.
In a statement, Britannia Industries said it had acquired a 51% stake in Kenya’s Kenafric Biscuits (KBL) while fully taking over Catalyst Britania Brands (CBBL).
“The object of the acquisition is to manufacture and sell biscuits in Kenya and African markets,” it said.
CBBL is an investment company which owns the ‘Britania’ trademark in Kenya. The object of the acquisition is to acquire the trademark ‘Britania’. The trademark “Britania” is not the same as the “Britannia” trademark of Britannia Industries.
Britannia Industries is India’s largest bakery foods company.
Britania Foods Limited went into administration on August 6, 2021, after facing an insolvency petition under the weight of a KSh17.3 million debt following the collapse of Nakumatt and Tuskys retailers.
In January 2022, audit firm PKF Consulting Ltd put the entire Britania Foods Limited on sale to clear debts owed to its suppliers.
