Star Bright Holdings Ltd.(Marginpar Group)

  • Active: Active
  • Region: Global
  • Country: Regional
  • Sector: Food and agribusiness
  • Year: 2018
  • Domicile: Mauritius
  • Instrument: Equity
  • Commitment (MNOK) as of 30.06.2019: 68.5
  • Original Commitment (MNOK): 87.2


Marginpar is one of the leading players in marketing and sales of summer flowers from Tanzania, Kenya, Ethiopia and Zimbabwe. They succeed through the formation of long lasting and sustainable partnerships between breeders, growers and the market.

In East Africa, the climate is well-suited to flower production, and the potential for growth is high. Norfund’s new investment supports the utilization of this growth potential.

Kenya is one of the biggest flower exporters in the world. The industy employs around 100,000 people directly, and 2 million people indirectly. One of the most successful and profitable flower businesses is Kariki Ltd Kenya. They are specialising in the production and marketing of selected summer flowers.

Marginpar BV is a successful Dutch flower import agent. They hold exclusive rights to import of a number of summer flower varieties from growers - such as Kariki - in Kenya, Ethiopia, Tanzania and Zimbabwe.


To strengthen its position, Kariki Ltd wanted to acquire two underperforming producers of summer flowers in Kenya and Ethiopia. To increase the company’s access to international markets and improve efficiency of their distribution, they also wanted a closer integration with their distribution partner Marginpar BV.

In 2018, Norfund allocated USD 8.5 million in equity through Kariki Ltd for them to acquire the two East African flower producers Carzan Flowers Kenya and Marginpar Ethiopia, as well as the Dutch import agent Marginpar BV. This has resulted in a new consortium, known as the Marginpar Group, which will facilitate a common strategy of sustainable growth and innovation.

Norfund will provide expertise in business development and focus on the company’s development and monitoring of corporate governance and environmental and social issues.


In Kariki Ltd, the workers are called ‘the value adders’. 

”Kariki’s high productivity and positive development is a result of the implementation of the Japanese leadership model ‘Kaizen’,” says CEO Richard Fernandes.

The Kaizen model stresses the importance of delegating responsibility to the workers – the ‘value adders’. Following the acquisitions in 2018, the kaizen management model was also introduced to the new assets in the Marginpar Group, now comprising more than 2,800 permanent staff in Kenya and Ethiopia.

“We grow people, our people grow flowers” is their new common motto and it has already contributed to increases in productivity.

Norfund - The Norwegian Investment Fund for Developing Countries

Fridtjof Nansens Plass 4
N-0160 Oslo

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