A Lebanese food safety consultancy is set to launch an investment fund that will target the agribusiness and food production sector in the Middle East.
Mena Food Safety Associates (Mefosa) is looking to raise $20 million in capital that will be used to acquire stakes in targeted companies and seats on the boards of directors.
In addition to the agribusiness market, Mefosa is also looking to invest in the bio-industry and biopharmaceutical sectors.
Mefosa’s chief executive, Atef Idriss, said that one of the main reasons for launching the fund is that there are a number of companies in these sectors, such as dairy production, cold storage warehouses and food-packing plants, that are facing financial difficulties or else have stopped operations.
Idriss cited the example of the Bekaa valley region in Lebanon where 90 food-packing plants have closed in recent years and another ten factories are currently on the market in search of new ownership.
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