Kevian Kenya, a juice manufacturing company owned by Kenyan multi-millionaire businessman Kimani Rugendo, has secured an USD11 million facility from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a Development Finance Institution owned by the German government.
According to a press statement issued by Kevian Kenya, the USD11 million loan facility will be used to finance the company’s expansion of its production facilities. Rugendo said the company will also use part of the funds to develop a new range of beverages targeted at children and young adults. This is the second funding Kevian Kenya has received from DEG following a USD7 million loan DEG issued to the juice manufacturer in 2012.
Kevian, which started producing beverages in 1995, is based in Thika, an industrial town north of Nairobi. It is one of the largest beverage companies in East Africa. The company produces bottled water, fruit juices, malt drinks, coffee, and tomato paste. The company has more than 800 direct employees and revenues in excess of USD20 million according to information disclosed to this writer by a prominent investment bank in Kenya.