GBfoods, Jumbo's Owners, Helios form Joint Venture to create a Pan-African Food Products Company
GBfoods, a leading multinational food company headquartered in Barcelona, and Helios Investment Partners, a premier Africa-focused private investment firm, have partnered to create one of Africa's largest FMCG businesses.
GBfoods Africa Holdco B.V., the 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. The agreement also includes three production plants in Africa, one in Ghana and two in Nigeria, and incorporates more than 600 workers from different nationalities. This will result in a leading pan-African culinary products company with presence in over 30 African countries.
Africa becomes the key market of the Spanish multinational
With this transaction, GBfoods reinforces its leadership position as one of the most influential international groups in the food industry, consolidating its commitment to Africa.
Up to day, the business in this continent contributed about 20% of the Group's turnover. The Spanish multinational manufactures every year more than 4,000 million Jumbo cubes for the African market. The growth of the product portfolio and the acquisition of new assets will allow GBfoods to expand its presence in Africa, becoming a reference in the African households.
"With this acquisition we strengthen our position in Africa, being present in 30 countries, including key countries like Nigeria and Ghana, with enormous potential for growth. We also expand our portfolio of products with popular and well-known brands such as Gino, Pomo, Jago and Bama, introducing us to new strategic categories such as tomato, milk powder and mayonnaise. From now on we can proudly say that GBfoods has doubled the number of consumers in Africa to become part of the daily food of millions of Africans," explains Ignasi Ricou, Chief Executive Officer of GBfoods.
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