Coca-Cola Bottling in Angola
Revitalizing Coca-Cola Bottling in Angola
$100M investment led by SEFA Angola, which previously operated Coca-Cola bottling in Huambo and has been requested by The Coca-Cola Company to revitalize production capacity. Supported by Angola's Sovereign Wealth Fund (FSDEA) and fully aligned with the country's National Industrial Strategy.
Why Invest in Coca-Cola Angola
1
Coca-Cola Partnership
SEFA Angola previously operated Coca-Cola bottling in Huambo and has been requested by The Coca-Cola Company to revitalize the Huambo plant and establish new capacity in Luanda and Lobito, positioning for expanded market coverage.
2
Anchor Investor Confidence
Supported by Angola's Sovereign Wealth Fund (FSDEA) with $25M first-loss guarantee and fully aligned with the National Industrial Strategy.
3
67M Unit Cases by 2032
SEFA's three-plant network will enable Coca-Cola to scale from ~11% market share (~20M cases) today to ~60% (~67M cases) by 2032, driving $300M+ annual revenues. Combined production capacity of 67M unit cases positions Coca-Cola for market leadership in Angola's high-growth beverage sector.
4
Attractive Returns
The $100M CapEx program—Huambo rebuild ($24M), Luanda greenfield ($38M), Lobito greenfield ($20M), and shared infrastructure ($18M)—is projected to deliver 18–22% IRR, 4-5 year payback, and $300M+ annual revenues by 2032.
Alternative $30M Huambo standalone option available for phased investment approach.
5
High ESG & Impact Value
Direct jobs: 150 → 500+ at scale Indirect jobs: 1,750+ Training budget: $250K+ Brings Coca-Cola production back to Huambo for the first time since 2014, with modern ESG-compliant facilities including water stewardship and PET recycling programs.
Executive Summary
Revitalizing Angola's Coca-Cola Future
SEFA Angola, which previously operated Coca-Cola bottling in Huambo until 2014, has been requested by The Coca-Cola Company to revitalize the Huambo plant and establish new greenfield capacity in Luanda and Lobito.
This $100M investment will position Coca-Cola to capture significant market share in Angola's high-growth beverage sector, targeting ~60% market share by 2032.
Tropicana Comércio Misto Lda, led by Lídia Capepe Amões and Anthony Morgan, hold the mandate to raise US $100 million for the revitalization and national expansion of Coca-Cola’s historical bottling system in Angola
1
Investment
$100M Investment (or $30M Huambo standalone option)
Huambo plant rebuild: $24M (dormant since 2014)
Luanda greenfield: $38M
Lobito greenfield: $20M
Shared infrastructure (fleet, IT, logistics): $18M
2
Market Potential
- Current State (2025): Coca-Cola holds ~11% market share (~20M unit cases). SEFA production dormant since 2014.
- Post-Investment (2032): SEFA's three-plant network enables 67M unit cases and ~60% Coca-Cola market share.
- Market expansion driven by local production cost advantages, enhanced distribution, and Angola's 40M+ population growth.
3
Leadership
Team combines deep Angola market knowledge with proven Coca-Cola operational excellence and multi-country bottling experience.
- Proven Operations Team
- Led by Mrs. Lídia Capepe Amoes (CEO, Tropicana/SEFA),
- Artur Miranda (15+ years Coca-Cola system experience including Country Manager Angola 2010-2014, Regional Franchise Manager across 12+ African markets)
- Maserame Mouyeme (former President, Coca-Cola Southern Africa & SADC).
4
Financial Outlook
- CapEx ≈ US $100 M | Projected IRR 18–22 % | Payback 4–5 years
- Revenues US $40 M (2026) → US $118 M (2030) → > US $300 M (2032).
- Revenue growth from US $40 M in 2026 to US $118 M by 2030, exceeding US $300 M by 2032.
- EBITDA margins: 15% (Year 1) → 28% (Year 5)
- Modernization & expansion of 3 plants: Huambo ($24M), Luanda ($38M), Lobito ($20M)
- Shared infrastructure & logistics: $18M
5
Impact
- Direct jobs: 150 → 500+ at scale; Indirect jobs: 1,200+
- $250K+ dedicated training budget for workforce development
- ESG-compliant operations: water stewardship, PET recycling, local sourcing
- Brings Coca-Cola production back to Huambo for the first time since 2014
The Project: Three-Phase Expansion
CAPEX Breakdown & Financial Projections
Phase 1: Huambo $24M
2025-26
Huambo plant full rebuild (dormant since 2014)
PET + RGB production facilities Preform plant, Water Systems
12 million unit cases capacity
150 initial jobs created
Phase 2: Luanda: $38M
2026-29
Greenfield construction PET + RGB + Hotfill technology
New warehouse facilities
47M unit cases capacity
Expansion to 500+ jobs
Phase 3: Lobito: $20M
2028-30
Greenfield construction PET + RGB production
8M unit cases capacity
Enhanced national distribution coverage
Shared Infrastructure: $18M
Fleet modernization,
IT systems,
HR infrastructure,
Logistics support
Financial Highlights
Total CapEx: $100M (or $30M Huambo standalone option)
Revenue Potential: $300M+ annually by 2032
Projected IRR: 18–22%
Payback Period: 4-5 years
Note: Huambo plant dormant since 2014, requires full rebuild. Luanda and Lobito are new greenfield sites. Alternative $30M Huambo standalone investment option available (see Investment Options slide).
Visionary Leadership:
Proven Coca-Cola Executives Driving Angola’s Growth
Our leadership team combines proven operational excellence within the Coca-Cola system with deep Angola market expertise. With over 50 years of combined beverage industry experience, this team has delivered market turnarounds, scaled multi-country operations, and driven revenue growth across Africa.
This experienced team brings proven operational excellence, deep market knowledge, and Coca-Cola system expertise to position the project for strong returns and sustainable growth in Angola's expanding beverage market.
Lídia Kapepe Amões
Chairwoman, Tropicana Group-Operator, & SEFA Angola (Coca-Cola Bottling Angola)
A Pan-African business leader with deep operational experience across FMCG, agribusiness, logistics, and industrial development. She oversees Tropicana Group’s diversified portfolio and leads SEFA Angola, mandated to revitalize Coca-Cola bottling in Huambo, Luanda, and Lobito.
With historic family ownership of Coca-Cola Angola and long-standing government and industry networks, she brings unmatched continuity, sector knowledge, and execution credibility. Lidia is also the founder of WEA, advancing women’s economic empowerment and inclusive national development.
Artur (José De Matos) Miranda (MBA)
Over 15 years of senior leadership within the Coca-Cola system across 12+ African markets, specializing in bottling operations, franchise management, and large-scale commercial turnarounds.
Country Manager, Coca-Cola Angola (2010–2014):
• Led a $300M+ P&L and 64M+ unit cases, delivering record-breaking sales volumes.
• Steered Coca-Cola Angola through a major bottler transition (SABMiller → Castel Group).
• Built one of the most profitable Coca-Cola markets per unit case at the time.
• Led a $300M+ P&L and 64M+ unit cases, delivering record-breaking sales volumes.
• Steered Coca-Cola Angola through a major bottler transition (SABMiller → Castel Group).
• Built one of the most profitable Coca-Cola markets per unit case at the time.
Regional Franchise Manager – Southern Africa:
• Oversaw 6 plants and 6,000+ employees across Angola and the BLNS markets.
• Delivered 12% volume and revenue growth during a regional recession.
• Oversaw 6 plants and 6,000+ employees across Angola and the BLNS markets.
• Delivered 12% volume and revenue growth during a regional recession.
Regional Franchise Manager – HEMU (Horn, East & Mid-Africa):
• Managed 7 markets including Ethiopia, Uganda, and Mozambique.
• Grew Coca-Cola system revenue from $1B to $1.5B, aligning $300M CAPEX across partners.
• Managed 7 markets including Ethiopia, Uganda, and Mozambique.
• Grew Coca-Cola system revenue from $1B to $1.5B, aligning $300M CAPEX across partners.
Senior Operations Director – East & Central Africa:
• Led a $2.5B P&L, overseeing 10 plants and 7,000+ employees.
• Drove +14% EBIT growth in one of the system’s most complex regions.
• Led a $2.5B P&L, overseeing 10 plants and 7,000+ employees.
• Drove +14% EBIT growth in one of the system’s most complex regions.
Previous Experience:
General Manager, Refriango Angola: Increased sales 22%, boosted market share +4%, expanded distribution into Sub-Saharan Africa.
General Manager, Refriango Angola: Increased sales 22%, boosted market share +4%, expanded distribution into Sub-Saharan Africa.
Recognition:
Featured in Forbes Africa (2016) for leadership excellence.
Featured in Forbes Africa (2016) for leadership excellence.
LinkedIn: https://www.linkedin.com/in/mirandaajm
Maserame Mouyeme
- Over 35 years with Coca-Cola Company, culminating as President of Coca-Cola Southern Africa & SADC region.
- Expertise in public affairs, sustainability, and franchise management across multiple African markets.
- Led corporate strategy and stakeholder engagement at the regional level, ensuring compliance with Coca-Cola global standards (KORE, ESG, SIDBA).
- Known for developing talent pipelines and leading market expansions in Sub-Saharan Africa.
Governance Oversight via SEFA & FSDEA Program Office.
- Board-level, compliance, reporting
Projected Market Position
(Post-Investment, 2032)
SEFA's three-plant network will position Coca-Cola for market leadership through local production cost advantages, enhanced distribution reach, the strength of the Coca-Cola brand, and system-wide operational excellence.
Market Share Growth Path
- Current Position (2025): Coca-Cola holds 11% of Angola's NARTD market (~20M unit cases). SEFA production dormant since 2014.
- Post-Investment Projection (2032): SEFA's local production capacity enables growth to ~60% market share (~67M unit cases).
- Market leadership driven by cost advantages of local manufacturing, enhanced distribution, and Coca-Cola's 92% brand awareness.
Competitive Advantages
- Partnership with The Coca-Cola Company provides access to global standards, marketing strength, and operational know-how.
- Local production cost advantages vs. imported alternatives.
- Government alignment + FSDEA $25M guarantee reinforce stability and reduce political risk.
- Experienced leadership team with proven Coca-Cola system track record.
Brand Recognition & Loyalty
- 92% unaided brand awareness for Coca-Cola’s portfolio (Coke, Fanta, Sprite).
- Coca-Cola is the drink of choice for celebrations and trusted daily refreshment.
Distribution Network Target
- Target: 25,000+ active retail outlets across Angola by 2030
- Penetration into both urban supermarkets and informal rural kiosks.
- Three-plant strategy enables optimal geographic coverage (Huambo-Central, Luanda-North, Lobito-South).
Projected Market Share Distribution (2032, Post-Investment)
With Coca-Cola's global brand strength, FSDEA sovereign backing, and first-mover advantage in modern local manufacturing, SEFA's investment positions Coca-Cola to capture market leadership while competitors remain reliant on imports or limited local capacity.
Ownership & Governance Structure
SEFA
- Previously operated Coca-Cola bottling in Huambo (until 2014)
- Requested by The Coca-Cola Company to revitalize operations
- Project sponsor and operator - Mandated Tropicana to secure $100M financing
Government
- Land provision for plant sites
- Policy support and regulatory alignment
- FSDEA $25M first-loss guarantee (additional to $100M raise)
Investors
- Capital injection
- Governance participation
Financial Snapshot
Strong Returns, Sustainable Impact
CapEx Allocation
- Huambo Plant – $24M full rebuild (dormant since 2014)
- Luanda Plant – $38M greenfield construction
- Lobito Plant – $20M greenfield construction
- Shared Infrastructure across 3 Plants: $18M
Alternative Option:
- Alternative Option: $30M Huambo standalone investment available
Revenue & Returns
- Revenue progression: $40M (2026) → $118M (2030) → $300M+ (2032)
- 18–22% IRR expected on $100M CapEx
- Payback: 4–5 years, with strong dividend potential from 2029+
- Expected Investor Multiple: ~3.5x MOIC over 7-year horizon
Jobs & Training
- Direct jobs: 150 → 500+ at scale
- Indirect jobs: 1,200+
- $250K+ dedicated training budget for workforce development
ESG Value
- Recycling & PET recovery programs integrated into operations
- Water stewardship in line with Coca-Cola standards
- Local sourcing of suppliers and logistics, strengthening Angola's economy
ESG & Sustainability Impact
Aligned with Coca-Cola Global Standards & Angola's Development Goals
Recycling & PET Recovery
- Closed-loop programs
Water Stewardship
- Efficient use & protection
ISO & Audit Standards
- Compliance & certification
Social Impact
- Local partnerships & jobs
- 500+ direct jobs, 1,200+ indirect jobs
- $250K+ training budget
Fully aligned with FSDEA’s Impact Framework and Coca-Cola KORE standards
ESG compliance audited annually in partnership with Coca-Cola system & FSDEA.
Government Support & FSDEA Partnership:
MPLA & National Jobs AgendaAligned with Angola's national industrial strategy with exceptional government backing, creating strong investor confidence."The Coca-Cola soft drinks factory will reopen in Huambo and, as a result, it will ensure more jobs for our youth." – Pereira Alfredo, MPLA (english translation)
Direct Participation via FSDEA
FSDEA provides $25M first-loss guarantee (additional to $100M capital raise), signaling national commitment and de-risking the investment for co-investors.
Alignment with National Priorities
Aligns with Angola's industrialization agenda and import substitution strategy.
Supportive Regulatory Environment
Streamlined licensing, tax incentives, and FX repatriation support.
Infrastructure Development Coordination
Government coordination on utilities, logistics, and port access for seamless operations.
FSDEA's $25M guarantee reduces political risk, enhances bankability, and positions this investment as aligned with Angola's strategic industrial priorities.
Risk Mitigation & Investment Protection
We have identified and addressed key investment risks through proven strategies and operational safeguards.
Currency Risk
USD-denominated pricing and natural hedging through local sourcing minimize foreign exchange exposure
Political Risk
Strong government support, FSDEA $25M guarantee, and alignment with national industrial strategy provide regulatory stability and reduce political risk
Supply Chain Risk
Diversified supplier base and strategic inventory management ensure operational continuity
Market Risk
The Coca-Cola brand enjoys 92% awareness with consistent demand regardless of economic conditions. Local production mitigates import dependency risks.
Investor Entry & Exit Options
Flexible Entry, Clear Exit
1
Entry Options
- Equity: Minority stake in SEFA Angola SPV
- Debt: Structured notes with revenue-linked repayments
- Hybrid: Convertible debt or revenue-sharing models
2
Exit Pathways
- Dividends: 2030 onward - Cashflow-driven returns from profitability
- Strong dividend potential post 4-5 year payback
- IPO (2030+)
- Cashflow-driven returns post-breakeven
- Trade Sale: Trade Sale: - 2031 - 2032 - Global bottler/operator or private equity buyout - Strong strategic value post full operational ramp
- Target exit Target exit multiple ≈ 3.5× MOIC; dividends from 2030 onward.
- IPO Potential:
- 2032+
- Listing in Angola or regional market (Johannesburg)
- Exit optionality once full capacity demonstrated
FSDEA $25M guarantee reduces political & execution risk
Partnership with The Coca-Cola Company ensures compliance with global standards
ESG positioning strengthens appeal to DFIs and family offices
Human Capital & Training Impact
Building Angola's workforce for the future
150 initial ➡ 500+ at full capacity Direct job creation through three-plant expansion
150 initial ➡️ 500+ at full capacity
Direct job creation through three-plant expansion
Dedicated Budget
$250K dedicated training budget for Workforce Development
Key Training Areas
- Workforce upskilling
- Management skills
- Technical certification
- Local supplier development & management upskilling
Skills Transfer
Training Partnerships with Coca-Cola Southern Africa & Atlanta Headquarters
Economic Impact
Direct Jobs: 150 → 500+ Indirect Jobs: 1,750+ Total Economic Impact: 2,250+ jobs created
Includes: drivers, mechanics, suppliers, merchandisers, retail support, and construction workforce
Join Us in Building the Future of Coca-Cola in Angola
$100M investment opportunity
Key Investment Highlights
- Partnership with The Coca-Cola Company - access to world's most recognized brand (92% awareness) with proven demand and global operational standards.
- Strong Returns
18-22% IRR with 4-5 year payback, driven by growing population and rising consumption.
- Government & FSDEA Support
FSDEA $25M first-loss guarantee and government alignment reduce political risk and enhance bankability.
- ESG-Embedded Operations
Local sourcing, circular economy, and ISO/KORE compliance meet global ESG standards.
- Transformational Impact
2,250+ total jobs (500+ direct, 1,750+ indirect), import substitution, and industrial development - high returns with significant economic impact.
Anthony Morgan
CEO - Amplify Africa
anthony@amplifyafrica.com
+27 82 921-4560
Amplify Africa has been mandated as Capital Raising Facilitator to support the $100M investment. For more information, contact our investment team today.
For more information, contact our investment team today.
CONTACT
Anthony Morgan
CEO - Amplify Africa
Anthony@amplifyafrica.com
+27 82 9214560
Mandated as Capital Raising Facilitator by Tropicana Comércio Misto Importação e Exportação, Lda to support SEFA Angola's $100M investment for Coca-Cola bottling revitalization.DISCLAIMER This presentation has been prepared by Amplify Africa Trading (Pty) Ltd, mandated by Tropicana to support capital raising for SEFA Angola's Coca-Cola bottling revitalization project. This document is for preliminary informational purposes only and does not constitute a legally binding offer or prospectus. Prospective investors should conduct their own due diligence.