The Kaleya Smallholders Company Limited (KASCOL) model has been considered in Zambia a success in increasing smallholders’ participation, ownership and governance in an agri-food val-ue chain. This study explores if and why this was a successful experience. The evidence gathered revealed that along its thirty years of existence, the model was able to grow the smallholder ownership and governance role. Although the context, governance structures and managerial competence were necessary factors in the sustainability of the model, the variables related to social capital were key determinants for the long term successful inclusion of the smallholders.