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Heritage Capital invests in Fairview Cheese company

HERITAGE Capital, a pioneering 100% black female-owned private equity fund manager, has announced its latest investment in the specialised dairy sector with Fairview Cheese. This strategic move marks the culmination of Heritage Capital’s maiden fund investment endeavours.

Since its inception in October 2017, Heritage Capital Fund I has been leveraging capital from investors such as the Transport Sector Retirement Fund (TSRF). The infusion of additional institutional investors in May 2021 empowered the fund to broaden its investment horizon, focusing on sectors crucial for South Africa’s economic transformation, including industrial, services, and consumer branded goods.

Grace Chauke, the investment officer at TSRF congratulated Heritage Capital on the successful closure of Fund 1. She says, “It is not only a testament to the expertise and dedication of the female-led team but also a significant milestone in promoting diversity and inclusion within the investment industry. As an investor, TSRF is thrilled to have been part of this journey and looks forward to seeing the positive impact this fund will make in the market.”

Philile Maphumulo, managing partner at Heritage Capital, emphasises the fund’s commitment to fostering job creation, skills development, and transformative impact within the South African economy. She says, “Our investment philosophy centres on companies that contribute to local manufacturing and service provision. Fairview Cheese’s addition to Heritage Capital’s diverse portfolio underscores the fund’s strategic vision. With investments ranging from heavy industrial applications to healthcare products, Heritage

Capital remains at the forefront of fostering economic growth and sustainability.”
Fairview Cheese, located in Paarl in the Western Cape, has a repertoire of over 50 cow’s and goat’s milk cheeses, including white mould, blue mould, feta, and cream cheese. The company recently expanded its offerings to include plant-based cheese and ice cream, catering to evolving consumer preferences. Their product innovation has recently earned the company the Qualité Mark of Excellence for six of its products, the greatest number of awards to any other participant, at the 2024 South African Dairy Awards.

Echoing Fairview Cheese’s ethos, Heritage Capital emphasises the importance of aligning with partners who share their values, fostering synergistic collaborations for sustainable value creation.

Heritage Capital has partnered with Nurture Brands, a long-term investor in the growing functional and convenience food sector. Maphumulo affirms, “Our partnership with Fairview Cheese and Nurture Brands exemplifies our dedication to generating positive returns and long-term impact.”

Riël Mallan, partner at EXEO Capital and chairman of Nurture Brands commented: “We are delighted to be co-invested with the dynamic team of Heritage Capital in Fairview Cheese. This will hopefully be the first of many collaborations in the functional and convenience food sector between Heritage Capital, EXEO Capital and Nurture Brands.”

Looking ahead, Heritage Capital is poised to raise Fund II, with a vision to expand its assets under management to over R1-billion. With a proven track record of capital growth and investor distributions, Heritage Capital remains committed to driving inclusive economic growth and fostering transformative change.

“The South African specialty cheese sector is primed for above-average growth, aligning with global trends in cheese consumption,” remarks Maphumulo. “Factors such as increased home-based food consumption, remote work dynamics, and innovative product offerings by producers like Fairview Cheese are anticipated to propel this growth trajectory.”

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