Kenya Greenmaster Fresh Business Plan

Investor-ready Kenyan horticulture export business plan: US$6.0m equity, 1,600 smallholders, 370 hectares and US$37.60m FY2031 revenue.

Kenya Greenmaster Fresh — rows of leafy horticulture under smallholder production

Business Plan & Investment Proposal · South Africa

Horticulture Export Business Plan — Kenya, EU Market Model

Kenya Greenmaster Fresh Limited · Raising The Share Of Every Harvested Kilogram That Reaches A European Customer.

Smallholder horticulture export from Kenya to the European Union — fine beans, sugar snap
and tenderstem for bulk and prepared retail programmes with a seasonal Hass avocado line, grown in Nyandarua and
Kirinyaga and packed at Nairobi, reaching 370 hectares and 1 600 contracted smallholders by FY2031.
US$6.0 million of equity for 45 per cent of the company, alongside a US$3.0 million development bank
term loan and a receivables facility scaling to US$4.2 million.

US$6.0mEquity sought

1 600Contracted smallholders

US$37.60mFY2031 revenue

81%Field weight reaching Europe

Read the executive summary →

The plan’s title describes the entire investment case, and it is an unusual one:
the company makes money by wasting less of what already exists. At the starting pack-out of 62 per cent, nearly
two-fifths of everything a contracted smallholder harvests never reaches a European customer — rejected for size,
blemish, residue or cold-chain failure after the land, water, labour and inputs have already been spent on it.
Raising that share to 81 per cent through agronomy, grower training, cold chain and certification is what takes
gross margin from 13.8 to 20.8 per cent. Hectares do grow, from 45 to 370 across 1,600 growers, but the
margin comes from the reject rate rather than from planting more or charging European retail more. The financing
requirement follows from the model: growers are paid before buyers settle, so peak working capital reaches
US$6.96 million.

The plan at a glance

Six measures that determine whether this export business and its funding stand up.

US$6.0mEquity soughtFor 45% of the company, alongside a US$3.0m development bank term loan and a receivables facility scaling to US$4.2m.

62% → 81%Of field weight reaching EuropeThe value being created. Nearly two-fifths of what growers harvest is currently rejected before it leaves Kenya.

1 600Contracted smallholdersAcross 370 hectares in Nyandarua and Kirinyaga by FY2031, up from 190 growers on 45 hectares.

20.8%FY2031 gross marginFrom 13.8%. The improvement comes from rejecting less, not from charging European buyers more.

US$6.96mPeak working capitalGrowers are paid before European buyers settle. That gap is the largest single financing requirement in the plan.

9.4%FY2031 EBITDA marginAfter two loss-making years. Fresh produce export is a thin-margin, high-volume trade and the plan does not pretend otherwise.

Where the value actually comes from

What a smallholder harvest loses before it leaves Kenya today, and what this plan intends to recover.

38%Of the harvest rejected todayAt a 62% pack-out, nearly two-fifths of what a smallholder grows never reaches a European customer. It has already cost land, water, labour and inputs by then.

reduced to

19%By FY2031Through agronomy, grower training, cold chain and certification. The company earns by wasting less of what already exists rather than by planting more.

Five years of trading

Revenue and EBITDA on the base case. The reject rate and the EU selling price are the two assumptions that matter most, and both are stressed in Section 9.

Revenue build — tonnes shipped and the share that arrives

Two things compound. Contracted hectares rise from 45 to 370, and the share of harvested field weight that actually reaches a European customer climbs from 62% to 81%.

FY2027

US$2.98m · 527 t · 62% to Europe

FY2028

US$10.01m · 2 204 t · 71%

FY2029

US$19.73m · 4 417 t · 76%

FY2030

US$29.20m · 6 579 t · 79%

FY2031

US$37.60m · 8 522 t · 81%

EBITDA and margin, FY2029 onward

FY2027 and FY2028 run deficits of US$0.82m and US$0.18m while the grower base is built. The margin then reaches 9.4% — thin, because gross margin itself only reaches 20.8%.

FY2029

US$1.09m · 5.5%

FY2030

US$2.42m · 8.3%

FY2031

US$3.55m · 9.4%

Why this plan works the way it does

The value is in what is currently thrown awayAt a 62% pack-out, nearly two-fifths of the harvest never reaches Europe — after the land, water, labour and inputs have already been spent on it. Lifting that to 81% is the whole investment case.

Growing more is not the strategyHectares do rise from 45 to 370, but the margin improvement from 13.8% to 20.8% comes from rejecting less, not from planting more or charging European buyers more.

Certification is the licence to sellGLOBALG.A.P., social compliance and EU maximum residue limits are what allow the product into a European programme at all. They are infrastructure, not overhead.

Growers are paid before buyers settlePeak working capital reaches US$6.96 million. A smallholder aggregator finances the gap between paying 1,600 growers and being paid by European retail, which is why the receivables facility scales to US$4.2m.

A thin margin, honestly stated9.4% EBITDA at FY2031 after two loss-making years. Fresh produce export is high-volume and low-margin, and the plan reports that rather than dressing it up.

Financial snapshot

Four charts from the plan. The full set of twenty-four appears throughout the sections below.

Figure 6. Allocation of delivered field weight.

Figure 3. Revenue by product line with EBITDA margin.

Figure 20. FY2031 EBITDA under European price scenarios.

Sixteen sections and five appendices. Every page carries full navigation, a section outline and links to the sections either side of it.

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Important Notice and Basis of PreparationBasis of preparation, data sources and forward-looking statement caveats. Please read first.

Appendices

Confidential. This document is provided for the purpose of evaluating an
investment in Kenya Greenmaster Fresh Limited and may not be reproduced or distributed without written consent. Projections are
forward-looking statements based on the assumptions registered in Section 16 and are not guarantees of future
performance.