By Agency Reporter

Tuesday, 30 Nov 2010

Standard Chartered‘s Private Equity division has announced its strategic investment in Lodestone Brands. Lodestone Brands is seeking to build a leading Fast Moving Consumer Goods business in Sub-Saharan Africa.

The firm recently acquired 80 per cent of South African sugar confectionary manufacturer, Candy Tops (Pty) Limited, and according to a statement by Standard Chartered Private Equity on Monday, the investment is anticipated to be in excess of one billion South Africa rand of equity.

The Head, Standard Chartered‘s Africa Private Equity Group, Mr. Marlon Chigwende, however, stated that,”Standard Chartered is confident that Lodestone Brands has the expertise, knowledge and capability to become a profitable and competitive player within Africa‘s FMCG sector.

“We believe the experience and complimentary skills of the Lodestone team qualifies them to become a significant player across the African continent.”

Source: Punch