ADDIS ABEBA – The 54 Capital PE Advisors or 54 Capital announced it has invested 300 million Birr on a new Soap factory during a new product launching event on Friday.
54 Capita, an investment firm located in London and Dubai, said the new factory – ZAK Ethiopia Plc or ZAK – has already commenced operations.
But its Gullele Soap Factory – one of many privatized firms by the government more than a decade ago and now a share company managed by 54 Capital – that produces the newly launched Aura beauty soaps.
The company said the new Aura soaps – Olive Oil, Rose Extract, Aloe Vera as well as Milk & Honey – target local market and “are formulated with the best of nature’s ingredients”.
54 Capital also said, through its subsidiaries, the company has “invested more than 300 million Birr to make ZAK a state-of-the-art manufacturing facility, with modern production equipment and sufficient investment in working capital”.
The latest investment will create more than 300 job opportunities as well as an equal number of indirect jobs in distribution and ancillaries.
“We are committed to produce world-class products, which will help in import substitution, and saving foreign currency,” said Saad Aouad, Chairman and CIO of 54 Capital.
Speaking about Aura, he said it is the first personal soap brand launched by Gullele Soap Factory.
Gullele factory is known in Ethiopia for its 555 laundry soap.
“It has been developed with extensive consumer research in Ethiopia, and with the insight that people prefer nature-inspired products to enhance and maintain their beauty,” depicted Saad.
Apart from Gullele, 54 Capital currently owns brands such as Gullele Soap, Aquasafe bottled water, Etete Milk, Chef Luca Pasta and Addis Pharmaceutical, among others.
The company officials said they are keen to take the skills and know-how it has and apply them at ZAK Ethiopia manufacturing to expand the business in Soaps and Detergents.
ZAK Ethiopia is expected to manufacture several products that serve the soap & detergent sector. These include laundry soap, liquid detergent, detergent powder, detergent bars, personal wash products, among others.
By Mhret G/Kristos
Image: Seen above are Saad Aouad (R) and former minister of Technology Getahun Mekuria (L). Last year, 54 Capital parntered with the government to facilitate technology startups with six million birr donation.