PepsiCo Becomes Major Shareholder in Ethiopian Potato Processor
PepsiCo has joined Veris Investment – an independent investment company that makes equity and mezzanine investments in companies and projects with activities in the food value chain in Sub-Saharan Africa – as a major shareholder in Senselet Food Processing Plc in Ethiopia.
Veris will continue to maintain a majority interest in Senselet and partner with PepsiCo to further grow the business and develop potato sourcing programs in Ethiopia.
Senselet was founded by Veris in 2015 and according to a press release, has a leading market position in Ethiopia with its SUN Chips brand being produced from locally sourced potatoes. SUN Chips is distributed in Addis Ababa and other large Ethiopian cities and available in the flavors Habesha Spice, Paprika and Natural in various pack sizes. Senselet’s factory is located around 65km from Addis Abada and employs more than 150 people.
Veris Investments set up Senselet with the aim to build a business that would contribute to the development of the potato value chain in Ethiopia. The company has been facilitating a farmer training program to increase yields and produce high-quality potatoes. Partners that have substantially contributed to Senselet’s development include the Dutch Government – Netherlands Enterprise Agency, Ethiopian Institute of Agricultural Research and Wageningen University and Research.
“PepsiCo shares our commitment to work with small and medium scale Ethiopian farmers as well as developing the potato value chain and sustainable farming in the country. Having PepsiCo as a partner will enable Senselet to leverage their extensive global expertise on potato cultivation, manufacturing, and go-to-market capabilities to further grow the company,” explained Juliette de Wijkerslooth, managing director of Veris Investments.