Ramco Plexus sells stake to French firm

Ramco Group executive director Hasit Patel (left) and Pidilite Industries limited president-Sales and Marketing, Middle East and Africa during the launch of a partnership deal on January 28, 2014. Kenyan printing and packaging firm Ramco Plexus has sold a 30 per cent stake to a French investment firm Amethis Finance at an undisclosed value. SALATON NJAU (NAIROBI)

What you need to know:

  • Amethis said last week it had acquired the shareholding, which consists of nine companies and is part of Ramco Group’s plan to enter the East African market.
  • The firm was started in 1948 as a hardware store by the late Rambhai Patel and since its inception, has grown to be a conglomerate of 34 companies with a footprint across East Africa.
  • The family business, which deals in manufacturing, trading and service sectors, has an annual turnover of Sh23.9 billion.

Kenyan printing and packaging firm Ramco Plexus has sold a 30 per cent stake to a French investment firm Amethis Finance at an undisclosed value. It is a subsidiary of Ramco Group.

Amethis said last week it had acquired the shareholding, which consists of nine companies and is part of Ramco Group’s plan to enter the East African market.

“Amethis is delighted and proud to have entered into such a long term partnership with the Rambhai Family. We are confident this investment will support Ramco’s regional expansion and that Amethis European and African network will help to identify acquisition targets and build strategic partnerships,” Amethis president and co-founder Luc Rigouzzo said in a statement.

Ramco Group now holds a 70 per cent stake in Ramco Plexus following the acquisition.

The firm was started in 1948 as a hardware store by the late Rambhai Patel and since its inception, has grown to be a conglomerate of 34 companies with a footprint across East Africa.

The family business, which deals in manufacturing, trading and service sectors, has an annual turnover of Sh23.9 billion.