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UK frontier markets-focused private equity investor TLG Capital has acquired a 20 per cent stake in Vero Food Industries, a Ugandan agri-food company, to capitalise on the expansion of the middle class in the East African nation.

Due to commence operations in the next few months, Vero Foods specialises in the production of mineral water and rice, and is set to become one of the biggest local players in the Ugandan market for those products.

Vero Foods has expressed hopes of reducing the country’s reliance on international imports and to create sustainable supplies.

The transaction is the firm’s second in Uganda following its September 2009 investment into pharmaceutical company Quality Chemicals, alongside Cipla India.

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Courtesy: attlasets

Date: 13th October 2010