Adenia Partners acquires Kenya’s grower of premium roses Red Lands
Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a grower of premium fresh-cut roses in Kenya.
Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. Financial terms of the transaction were not disclosed.
Established in 1996 by agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level.
Red Lands’ premium fresh-cut roses have fuller heads, longer stems, and an enviable vase life of 12 to 21 days which not only provides value for its targeted premium florist market, but also ensures an overall lower carbon emissions profile.
Red Lands is recognized globally as a leader in the production of spray roses and the Company produces 16 million stems per year which comprise of over 200 varieties of fresh-cut roses. The Company sells exclusively to wholesalers, predominantly serving markets in Russia, Eastern and Central Europe.
Adenia has invested in Red Lands due to its strong reputation for high-quality roses and advanced farming practices, being one of the first farms in East Africa to utilize 100% hydroponic farming.
Adenia was also impressed by Red Lands’ strong pricing power which is driven by the Company’s direct route-to-market model that avoids the auction system where most of Kenya’s fresh-cut roses are sold. Adenia will collaborate with Red Lands’ management to accelerate the expansion of its production capacity through cultivation of an additional 20 hectares of land.
This capacity will be readily absorbed by existing, as well as new customers. The investment will also lead to growth in the number of employees, a significant number of whom are women, from 500 today to nearly 750 in two years.
“We are delighted to partner with Red Lands Roses to help grow this exceptional company whose niche business model was pioneered by one of the few women in this male-dominated sector. We look forward to working closely with the leadership to build on the Company’s strong foundation,” said Martha Osier, Partner at Adenia Partners.
“Adenia has a strong track record of accelerating growth and institutionalizing family-led companies like ours. We look forward to partnering with Adenia and leveraging their experience and expertise,” said Red Lands Roses Managing Director, Isabelle Spindler who, together with her husband Aldric Spindler, will remain as executive directors responsible for farm expansion. Recently appointed CEO, Disha Copreaux, has assumed active management of the Company. Disha is a Kenyan citizen, and she brings both operational and strategic experience in commercial farm management having previously served in leadership roles at Export Trading Group (ETG) and Syngenta.