Egypt-based frozen fruits and vegetables company Raya Foods has secured a $40m investment in backing led by African investment fund Helios Investment Partners.   

The news was confirmed by Helios to Just Food, having been initially reported in a statement on Zawya. 

The deal will see Helios acquire a 49% stake in Raya Foods, which is part of the portfolio of Raya Holding for Financial Investments. 

Raya Foods expects the investment will support its manufacturing and strengthen its export strategy to meet demand. 

Specifically, the proceeds will be used to expand its production, including the establishment of a new factory in Sadat City that will cover an area of 25,000 square metres.

In the statement, Raya Holding for Financial Investments outlined plans to penetrate international markets through Raya Foods.  

Raya Foods CEO Omar Abdelaziz said: “This investment will accelerate our growth and expand our global operations, significantly enhancing our competitiveness.  

“We are working to diversify our product portfolio to include freeze-dried fruits and vegetables, in line with our expansion strategy to meet the growing global demand for healthy and sustainable products.” 

Helios Investment Partners head of consumer and healthcare Raed Barkatis said the investor saw the deal "as an opportunity for mutual growth". 

Barkatis added: “We strongly believe in the food sector, especially with the increasing global trend towards healthy foods. We are confident that this partnership will contribute to advancing agricultural development and enhancing food security.” 

Raya Foods, which has an annual capacity of 50,000t, exports to over 50 countries with an emphasis on European and American markets. 

Raya Holding for Financial Investments said Raya Foods is Egypt's second-largest exporter of frozen fruits and vegetables but is aiming for top spot.

It is also aiming to lead in the manufacture and export of freeze-dried vegetables and fruits.