The regional competition regulator has launched an investigation into a proposed transaction that would see Inspired Evolution Managers Limited pick up a 21.6% stake in Cold Solutions East Africa Holdings Limited (CSEAHL), a deal with far-reaching implications for cold chain logistics across Kenya and the wider region.
Inspired Evolution, via its Evolution III Fund, is a pan-African private equity player focused on sustainable infrastructure and climate-resilient investments. The fund operates across several COMESA countries, including Kenya, Uganda, Burundi, Mauritius and Zimbabwe.
CSEAHL, the proposed acquisition target, runs large-scale, energy-efficient cold storage and logistics facilities across Kenya, Uganda, Rwanda and Mauritius, placing the transaction squarely within fast-expanding temperature-controlled supply chain markets.
Kenya is expected to sit at the centre of the Commission’s review due to the country’s growing food distribution networks, rising pharmaceutical cold storage needs and lingering concerns over concentration along key logistics corridors linking Nairobi and Mombasa. Cold Solutions has branded itself as a game-changer in the sector, rolling out modern, integrated cold storage hubs seen as critical for cutting post-harvest losses and boosting export competitiveness.
Inspired Evolution’s planned US$20 million injection is being presented as a purely financial investment aligned with its climate-smart infrastructure mandate. Both parties have told the regulator that the funding would speed up the development of new cold chain assets across East Africa, particularly in Kenya where demand has long outstripped available capacity. The capital is also expected to unlock projects stalled by high construction costs and energy-efficiency challenges.
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As part of its probe, the COMESA Competition Commission will assess whether the transaction could weaken competition, especially in markets where cold storage capacity remains limited and fragmented. Although Cold Solutions is ramping up expansion, Kenya’s cold chain ecosystem still includes a mix of private cold room operators, logistics firms and vertically integrated food producers competing for market share.
