Do you want to own a piece of the company that makes some of Zimbabwe’s favourite snacks?
Amalgamated Brands, the group behind Cairns Foods and its brands such as Willards, Spuds, Thingz, Charhons, Sun Jam and Cashel Valley, is listing on the Victoria Falls Stock Exchange (VFEX). It aims to raise US$20 million, selling shares at 35 US cents each.
An investor can buy a minimum of 100 shares at US$35.
Takura Capital is a Zimbabwean private equity firm backed by the UK’s British International Investment, Dutch and German development banks, and Old Mutual. It bought Cairns Foods in 2015 and is now cashing in part of its gains. Of the US$20 million, US$15 million goes to Takura for shares it already owns.
An additional US$9.8 million could be raised through oversubscription, also going to the selling shareholders.
Takura isn’t walking away, though. It will still own about 69% after the listing and won’t drop below 55%.
So, what are investors buying into?
In 2025, the businesses included in the listing generated US$78.7 million in revenue, up 33% on the previous year. EBITDA reached US$10.5 million, while profit after tax was US$4.7 million.
The group generated US$7.7 million in operating cash flow and had net debt of just US$1.9 million. More than 95% of revenue is billed in US dollars.
The company manufactures its products and runs its own logistics and merchandising operations to get them onto shop shelves. It estimates its brands hold 45% of the local chips and snacks market, 42% of fruit and vegetables, and 36% of loose biscuits.
Chairman Washington Matsaira says: “In markets like ours, availability is not a given; it is earned.”
What’s next?
The company plans to use US$4.48 million of the new capital for expansion at Cairns Foods, including a biscuit line expected to more than double capacity, a Valley Pride baked-beans plant and a soft-snacks line.
“We are investing in manufacturing capability, distribution infrastructure and channel execution,” Matsaira says.
Lobels, another Takira investment, is excluded from the transaction as it is being sold to Mega Market.
The offer opens 14 October and is scheduled to close on 30 November, with VFEX trading expected to start on 7 December.
