(Ecofin Agency) - Development Partners International (DPI), through its third fund, made a $56 million investment in Société industrielle des conserves alimentaires (Sicam). The transaction represents the second commitment of African Development Partners III (ADP III) and the first in the Tunisian agribusiness sector.

Created in 1969, Sicam, which is wholly controlled by the Tunisian conglomerate Groupe Bayahi, is the leader in the Tunisian tomato market. The private equity fund manager DPI is joining forces with the Bayahi Group to strengthen its position on the Tunisian market and steer its international expansion strategy.

“Tunisia is the world's largest per capita consumer of tomatoes and has significant export opportunities,” DPI said. According to the investment firm, market demand for Sicam's products has remained strong and the company's sales have grown despite the adverse economic effects of the covid-19 pandemic.

Development Partners International has very little presence in Tunisia, unlike Morocco or Egypt where the firm has carried out several operations through its first two investment funds.

Chamberline Moko