Farmcrowdy, a digital agriculture platform, has acquired a significant stake in Nigerian meat processing company Best Foods.
Neither company has divulged any financial details.
Best Foods founder Emmanuel Ijewere said: “This deal with Farmcrowdy is a welcome development for us as it provides a major growth opportunity for both businesses.
“We are excited about the many possibilities.”
Ijewere will join Farmcrowdy as a member of the advisory board.
Best Foods has operated for more than 16 years. It offers livestock, as well as locally grown agricultural produce, to the Nigerian market.
It has the capacity to process 120 to 200 bulls per day. According to reports, this makes it of the largest meat processors in the country.
Through this acquisition, the platform aims to offer a larger portfolio of livestock production and processing solutions.
It hopes that this will allow it to emerge as the preferred source of processed meat across Nigeria. It will serve more than 50 markets within the country.
Farmcrowdy managing director Kenneth Obiajulu said: “Best Foods offers an exciting opportunity for Farmcrowdy to enhance its service in livestock production, processing, and supply.
“The acquisition supports Farmcrowdy’s strategy to lead the market and meet necessary requirements to increase our supply of 45 cattle daily for consumption.”
Best Foods was also one of the first Nigerian firms to partner with Africa’s largest food retailing franchise, Shoprite.
