The Carlyle Group completes acquisition of Tessara, a South African manufacturer of fresh produce preservation solutions
Cape Town, South Africa, 1 August 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced it has completed the acquisition of a majority stake in Tessara, a manufacturer of preservation technologies for use in the marketing and export of fresh produce.
The transaction closed on 31 July 2018 and funding for this investment came from Carlyle Sub-Saharan Africa Fund. Financial terms are not disclosed.
Founded in 1985, Tessara is a well-established business with a strong brand and a growing global market position in Sulfur Dioxide (SO2)-based sheets for use in the preservation of fresh produce. Its flagship product is Uvasys, a SO2-based sheet, primarily used to protect table grapes against Botrytis infection, which is responsible for almost 50% of all post-harvest agricultural loss. Uvasys also enhances transportation, export and storage of grapes. Tessara has rapidly grown its business both in South Africa and internationally with exports now representing more than 65% of annual sales.
Tessara employs more than 150 people and has manufacturing facilities in Cape Town, South Africa. The company operates through a network of 15 distributors and it has built strong relationships with both suppliers and customers.
Bruce Steen, Principal in Carlyle’s Sub-Saharan Africa Fund, said: “Tessara is a great business with exciting growth prospects. Led by an experienced, talented management team, Tessara has built an impressive reputation for its core product whilst investing in R&D and the opportunity that exists to expand the product pipeline and broaden the application of SO2 sheets. We look forward to partnering with Tessara at this exciting time, supporting their continued growth and innovation and fueling expansion into new products and markets, especially China and USA.”
Craig Cloete, CEO of Tessara, said: “We are delighted to partner with Carlyle as we embark on a new chapter of development. We believe Carlyle’s global network, scale and experience, supporting international growth, will help us boost our sales and expand into new markets.”
Carlyle was advised on the transaction by Webber Wentzel and Ernst & Young.
Tessara is the global market leader in the supply of laminated SO2 generator sheets to protect table grapes from post-harvest decay and prevent Botrytis infection during transportation and storage.
The company was founded in South Africa in 1985 and today it employs over 150 people.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents.
About Carlyle Sub-Sahara Africa Fund (SSA)
Established in 2012 the Carlyle Sub-Saharan Africa Fund and its affiliates, with $698 million of committed capital, have invested over $450 million to date across a variety of industries, including energy, financial services, TMT, retail, logistics and mining services, and across a variety of geographies, including South Africa, Gabon, Nigeria, Mozambique, Zambia, Tanzania, and the Democratic Republic of the Congo. The SSA fund makes buyout and growth capital investments in private and public companies from offices in Johannesburg, South Africa and Lagos, Nigeria.
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