In April 2008, Horizon Equity made a first round investment of R14 million in dried fruit and snack product supplier AtSource, in support of that company’s vision to expand across the globe.

AtSource is a leading supplier of house-branded quality dry foods and snacks to retail giants such as Woolworths and Pick ’n Pay. Founded in 2002, the company has enjoyed substantial compound growth in revenue over the last four years.

Considering the international competitiveness of AtSource’s proprietary fruit rehydration process, international expansion is overdue and the Horizon Equity investment hopes to resolve this.

Handri Conradie, Managing Director – AtSource, says “We want to be the leaders in healthy snacks in South Africa and apply our knowledge and experience to expand into international healthy convenience food markets. The funds will be applied to augmenting the management team and supporting the working capital requirements of this growth phase.”

The company has researched European middle-to-upper income food markets and is confident that a niche exists for their products either as a house brand or private brand in the short to medium term. AtSource will maintain its focus on high quality, nutritious snack offerings in its current and intended markets, while leveraging global trends towards choosing healthier natural snacks and convenience food.

Rob Horton, Principal of Horizon Equity Partners, is also confident of the potential for growth. “We are impressed with the strategic vision, passion and innovation that AtSource has displayed in growing the dried fruit category in South Africa and we are confident that the same will happen in the wider healthy snacks category both locally and abroad. We are excited about the launch of the company’s own brand, as this diversifies the revenue model and opens opportunities for further innovation,” he says.

The growth capital investment was the first for the fund in 2008. Further value was also added by Horizon to AtSource in the structuring and due diligence processes. Horizon Equity will continue to play an active support role in developing this new partnership.

In April 2008, Horizon Equity made a first round investment of R14 million in dried fruit and snack product supplier AtSource, in support of that company’s vision to expand across the globe.

AtSource is a leading supplier of house-branded quality dry foods and snacks to retail giants such as Woolworths and Pick ’n Pay. Founded in 2002, the company has enjoyed substantial compound growth in revenue over the last four years.

Considering the international competitiveness of AtSource’s proprietary fruit rehydration process, international expansion is overdue and the Horizon Equity investment hopes to resolve this.

Handri Conradie, Managing Director – AtSource, says “We want to be the leaders in healthy snacks in South Africa and apply our knowledge and experience to expand into international healthy convenience food markets. The funds will be applied to augmenting the management team and supporting the working capital requirements of this growth phase.”

The company has researched European middle-to-upper income food markets and is confident that a niche exists for their products either as a house brand or private brand in the short to medium term. AtSource will maintain its focus on high quality, nutritious snack offerings in its current and intended markets, while leveraging global trends towards choosing healthier natural snacks and convenience food.

Rob Horton, Principal of Horizon Equity Partners, is also confident of the potential for growth. “We are impressed with the strategic vision, passion and innovation that AtSource has displayed in growing the dried fruit category in South Africa and we are confident that the same will happen in the wider healthy snacks category both locally and abroad. We are excited about the launch of the company’s own brand, as this diversifies the revenue model and opens opportunities for further innovation,” he says.

The growth capital investment was the first for the fund in 2008. Further value was also added by Horizon to AtSource in the structuring and due diligence processes. Horizon Equity will continue to play an active support role in developing this new partnership.