EXEO Capital, an African mid-market private equity fund, has completed a strategic deal to exit one of its legacy portfolio firms. The private equity firm announced that it had sold its 62.7% ownership in Cape Olive Holdings Ltd to Imibala, a Lona Group affiliate and a current shareholder in the company. EXEO had invested in Cape Olive from its Agri-Vie Fund I in 2013.
Cape Olive is a major provider of table olives in South Africa and primarily serves the retail industry and some foodservice industries. It also packs table olive house brands for national retailers and has expanded into export markets in neighboring African countries. Lona Group is widely associated with citrus fruit supply and exports.