Karoo Rabbit Protein — Conclusion
The closing investment case, summarising why Karoo Rabbit Protein represents a compelling vertically-integrated rabbit-protein opportunity for equity investors, lenders and development-finance institutions.
Section 15 · Business Plan
Conclusion
The closing investment case, summarising why Karoo Rabbit Protein represents a compelling vertically-integrated rabbit-protein opportunity for equity investors, lenders and development-finance institutions.
Karoo Rabbit Protein addresses a clear and structural gap in the
South African protein market: strong, increasingly price-sensitive
demand for efficient protein on one side, and the absence of any scaled,
branded, food-safe rabbit supply on the other. The reason the category
has not yet scaled is not biological but structural — the lack of
bankable offtake and accredited processing — and that is precisely the
problem KRP’s integrated, asset-light model is built to solve.
By owning genetics, feed, processing, cold chain and brand, and by
guaranteeing offtake to a growing network of contract growers, KRP
secures defensible supply, builds branded demand, and converts a
fragmented cottage activity into an investable platform. The
disease-free status of the national herd, set against recent biosecurity
shocks in poultry and cattle, sharpens both the food-safety positioning
and the export opportunity.
The financial plan demonstrates a credible path from a R245 million
raise to a business generating R428 million of revenue and R75 million
of EBITDA by Year 5, EBITDA-positive in Year 3 and net-profit-positive
in Year 4, with an indicative project IRR around 17.4% and a strong
development-impact profile. The projections are illustrative and warrant
independent review, but the commercial logic — integration as the moat,
premium-led differentiation, and inclusive grower-based scaling — is
robust. KRP represents a rare opportunity to build category-defining
protein infrastructure while delivering both financial return and
measurable development impact.
R245 million blended raise to build South Africa’s first integrated
rabbit-protein platform. R428 million revenue and R75 million EBITDA by Year 5;
EBITDA-positive Year 3, net-profit-positive Year 4. Indicative project IRR ≈ 17.4%; implied EV ≈ R527.9m at a 7.0×
exit. Integration and guaranteed offtake neutralise the sector’s defining
failure risk. Disease-free provenance and strong development impact aligned to DFI
mandates.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Karoo Rabbit Protein (Pty) Ltd.