Interfresh is a diversified agro-based group involved in the production, processing and marketing of agricultural, horticultural, agro industrial and allied food products for both the local and international markets.
Interfresh underwent restructuring and rehabilitation activities in 2012 which rendered the company’s cash flow negative. The company was publicly listed but could not access further liquidity in the market due to the negative perception of the economic environment and a tight liquidity environment. The inability to produce resulted in low stock levels on shelves and eroded brand awareness. Significant further capital investment was required for Interfresh to achieve full potential.
The AAF SME Fund has invested $4m in Interfresh since December 2012. The Fund’s approach was to ensure that significant control of the business would be achieved in order to run an aggressive restructuring exercise.
An MBO was engineered, together with a share rights process that enabled the Fund to delist the company. Agricultural inputs for the citrus and crops division were procured and the company’s beverage division was upgraded for Coca-Cola certification.