Africa-focused private equity firm Helios Investment Partners has teamed up with GBfoods, a multinational food company headquartered in Barcelona to form one of the continent’s largest FMCG businesses.
GBfoods Africa Holdco, as the joint venture is called, is made up of assets acquired from several Africa companies. They include brands such as Jumbo, Gino and Pomo and Jago as well as the distribution rights on the continent for Bama, a mayonnaise product provider. Terms of all these deals have not been disclosed.
Online industry site, just-food.com, quotes a source as telling them that GBfoods will own 51% of the joint venture, but declined to give any financial details of the deal. While the new platform is not currently looking at any additional acquisitions, it “…is always attentive to new opportunities”.
“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,” Helios Co-Founder Babatunde Soyoye was quoted as saying in the statement announcing the partnership. “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.”