PepsiCo becomes shareholder in Ethiopian company Senseletadmin
PepsiCo has become a major shareholder in Senselet Food Processing, an Ethiopian crisps company founded by Veris Investments in 2015.
Veris Investments will continue to maintain a minority interest in Senselet and partner with PepsiCo to further grow the business and develop potato sourcing programmes in Ethiopia.
According to Netherlands-based Veris, Senselet has a leading market position in Ethiopia with its Sun Chips brand that is produced from locally sourced potatoes.
Sun Chips is distributed in Addis Ababa and other large Ethiopian cities and available in three flavours: Habesha spice, paprika and natural.
Veris said it set up Senselet with the aim to build a business that would contribute to the development of the potato value chain in Ethiopia.
Senselet has a factory located around 65km from Addis Ababa and employs more than 150 people.
“PepsiCo shares our commitment to work with small- and medium-scale Ethiopian farmers as well as developing the potato value chain and sustainable farming in Ethiopia,” said Juliette de Wijkerslooth, managing director of Veris Investments.
“Having PepsiCo as a partner will enable Senselet to leverage their extensive global expertise on potato cultivation, manufacturing and go-to-market capabilities as to further grow the company.”
The move sees PepsiCo continue its expansion in the snacking category. Last month, the company entered into an agreement to acquire BFY Brands, the maker of PopCorners snacks.