Africa-focused private investment firm, Helios Investment Partners, has partnered with Spanish based multinational food company, GBfoods S.A. (GBfoods), to create one of Africa’s largest Fast Moving Consumer Goods (FMCG) businesses.
GBfoods Africa Holdco B.V. (the JV), a joint venture owned by GBfoods and Helios, has acquired assets from different African companies including leading brands such as Jumbo (bouillon), Gino and Pomo (tomato paste), and Jago (milk powder and mayonnaise), as well as Bama (mayonnaise) distribution rights for Africa. This will result in a leading pan-African culinary products company with presence in over 30 African countries.
The GBfoods Chief Executive, Ignasi Ricou commented on the transaction: “GBfoods has a long history operating in Africa and we are pleased to extend our footprint in partnership with Helios. Africa is a core part of our growth strategy and we look forward to building on this platform of very strong brands with continued investment in local capacity and product innovation.”
Co-founder of Helios Investment Partners, Babatunde Soyoye noted: “We are very excited about partnering with GBfoods to create an African FMCG champion that combines best-in-class global practices and strong, local management. GBfoods’ innovative pipeline of convenience products adds value to the African consumer by saving both money and cooking time versus the alternative of buying individual ingredients.”
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