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Heritage Capital Invests in Fairview Cheese Company

Driving Growth in South Africa’s Specialty Cheese Sector

Heritage Capital, a pioneering 100% black female-owned private equity fund manager, proudly announces its latest investment in the specialized 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 esteemed 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 look forward to seeing the positive impact this fund will make in the market. Here’s to continued success and meaningful returns for all stakeholders involved.”

Philile Maphumulo, Managing Partner at Heritage Capital, emphasizes the fund’s commitment to fostering job creation, skills development, and transformative impact within the South African economy. Maphumulo states, “Our investment philosophy centers 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, nestled in the picturesque landscapes of Paarl in the Western Cape, epitomizes artisanal excellence in cheese production. Boasting a repertoire of over 50 cow’s and goat’s milk cheeses, including white mould, blue mould, feta, and cream cheese, Fairview’s products are renowned nationwide and beyond, gracing major retailers, catering markets, and the beloved Fairview Deli in Paarl. Notably, the company has recently expanded its offerings to include plant-based cheese and ice cream, catering to evolving consumer preferences. Their product innovation has recently landed the company the Qualité Mark of Excellence for 6 of its products, the greatest number of awards to any other participant, at the prestigious 2024 South African Dairy Awards.

Echoing Fairview Cheese’s ethos, Heritage Capital emphasizes 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 & convenience food sector.

Maphumulo affirms, “Our partnership with Fairview Cheese and Nurture Brands exemplifies our dedication to generating positive returns and long-term impact.”

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.

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 & convenience food sector between Heritage Capital, EXEO Capital and Nurture Brands.” 

“The South African specialty cheese sector is primed for above-average growth, aligning with global trends in cheese consumption,” remarks Philile 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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