Buyout firms explore Africa’s frontier markets

Investors are seeking out opportunities beyond the most common markets in sub-Saharan Africa

When Kohlberg Kravis Roberts invested roughly $200 million in a rose farm in Ethiopia this summer, many in the market were surprised.

The investment itself made sense - Afriflora grows more than 700 million flowers to export to Europe each year, making it an important part of the east African nation's cut flower industry - but large private equity deals outside of South Africa, Nigeria and Kenya remain rare in sub-Saharan Africa.

WSJ Logo