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AgDevCo commits $15m follow-on investment to Victory Group

LONDON, April 07, 2026 (GLOBE NEWSWIRE) — AgDevCo, the specialist agriculture investor, has made a $15 million follow-on investment in Victory Group, an East African aquaculture company producing and distributing Nile tilapia.

Victory Group farms tilapia on Lake Victoria in Kenya and Lake Kivu in Rwanda. The company sells fresh fish to thousands of mama samakis (female market traders), via more than one hundred sales outlets. The company expects to produce 30,000 tons of fish in 2026, helping broaden access to affordable and sustainable protein across the region.

The financing will support Victory Group’s next phase of expansion, including multiple new farming sites in Kenya and Rwanda. AgDevCo’s mezzanine loan will help the company respond to rising regional demand and improve reliability of supply for market traders.

Joseph Rehmann, founder and Chief Executive Officer of Victory Group, said: “Our aim is to build a leading aquaculture business that supplies nutritious protein at scale, while creating opportunities for the traders and communities that depend on our value chain. AgDevCo’s investment will help us expand production and strengthen distribution as demand for affordable, high-quality fish continues to grow across East Africa.”

John Jakobsson, Investment Director at AgDevCo, said: “Our follow-on investment reflects our confidence in Victory Group’s management team and growth potential. Since our initial investment of $4 million in 2021, the company has significantly increased production while improving operational efficiency. We are delighted to put our capital to work to drive more impact in the region.”

Trinity International (UK), BJTK (Netherlands), Martha Mbugua & Associates (Kenya) and Certa Law (Rwanda) provided AgDevCo with legal transaction services.

AgDevCo invests exclusively in the African agriculture sector, providing patient capital to businesses that create jobs, strengthen food systems and support economic growth. It has $340m in assets under management and has made more than 88 investments to date, including 51 exits.

Contact for media enquiries: John Jakobsson, Investment Director ([email protected]).

Photos accompanying this announcement are available at:

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AgDevCo expands its portfolio in Zambia with a new investment in the poultry sector

LONDON, Oct. 02, 2025 (GLOBE NEWSWIRE) — Specialist agriculture investor AgDevCo is pleased to announce its latest investment in Hybrid, an integrated poultry producer located in Zambia.

Hybrid is a leading company in Zambia’s poultry industry, operating a vertically integrated model that spans the entire value chain from breeder farms to processed poultry products. It is part of the African Poultry Development Group which has operations in Zambia, Kenya, Tanzania and Uganda.

Hybrid has more than 1,200 employees and supplies over 2,000 farmers across the country with day–old chicks, contributing to the poultry sector’s development. The company sells processed poultry to major retailers and restaurants across Zambia.

AgDevCo’s investment, a USD10 million senior debt loan, will enable Hybrid to increase its processing capacity by building a modern abattoir which will create another 270 jobs and support the company’s growth.

Jim Henderson, Managing Director at AgDevCo, said:
“We are pleased to be partnering with Hybrid to make this major investment in the Zambian poultry industry. The expansion will drive local job creation and skills development while strengthening regional food security.”

Richard Keeley CEO of Hybrid, said:
“This state–of–the–art facility represents a significant milestone. It will be the largest of its kind in the region, allowing us to supply the Zambian market, where demand is growing rapidly, and export to Lubumbashi, the second–largest city in the DRC. Designed with sustainability at its core, the plant incorporates advanced energy–efficiency measures and wastewater treatment. We are delighted to welcome AgDevCo as a strategic investment partner to make this project a reality.”

AgDevCo is a specialist impact investor operating exclusively in the agriculture sector in Africa. Our mission is to build successful African agribusinesses through long–term investment and support to deliver positive impact at scale. We invest debt and equity in African agribusinesses to create jobs, improve food security, and boost prosperity. With $340 million assets under management, we have made over 88 investments to date (of which 51 exited). Our investments leverage private capital into socially responsible farming and agri–processing businesses in Africa, with benefits for smallholder farmers and local communities.

Contact for media enquiries: Jim Henderson, Managing Director; [email protected]


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