Fusion Capital announces its partnership with GAL Baking Services Limited, in a 45% equity investment. GAL Baking Services Limited started as a family venture owned by John and Jacqueline Murerwa. The company operates a manufacturing plant and a chain of retail outlets, specializing in cake and confectionary products.
The confectioneries industry in Kenya has an estimated 2 billion shillings annual turnover, according to a 2013 survey by Euromonitor.
Formed in 2005, GAL Baking is gradually growing its presence and line of products and currently commands a significant share of the cake market. The investment by Fusion will go into modernisation of the manufacturing line and expansion of the retail chain, as part of a strategy to grow the business into a mid-market company.
GAL Baking is excited about this investment; “We are excited that we have Fusion as a partner since 2008. Fusion first partnered with us when we were just starting this journey and we would like to thank Fusion for their support, mentoring and guidance over the years. Now we are modernising the factory to achieve our vision to be the leading home grown cakes and confectionary brand in Kenya and then to East Africa”, said John Murerwa, Director at GAL Baking Services Limited.
Luke Kinoti, Group Chief Executive at Fusion comments: “we are proud to continue to support GAL Baking Services Limited. Our partnership dates back to 2008 when we made our first investment and it is great to be a part of the growth that GAL Baking has experienced. Gal Baking have experienced the Fusion model first hand, where we invest our time and experience alongside our capital to help entrepreneurs to build on their founding visions, recapitalise and expand into new markets”.