Africa-focused private equity fund managers Amethis and Kibo Capital Partners, along with development finance institution Proparco, have acquired a minority stake in Mozambique-based food products manufacturer Merec Industries. The company, which mills wheat and maize and produces various packaged foods, plans to use the funds to launch new products and brands, structure local partnerships and make strategic acquisitions in Mozambique and Southern Africa. Amethis invested through Amethis Fund II while Kibo invested through Kibo Fund II. Financial details of the transaction were not disclosed.