Spanish GBfoods and the UK’s Helios form JV to create African company

GBfoods, a leading multinational food Group headquartered in Barcelona, and Helios Investment Partners, a UK-based Africa-focused private investment firm, have created a joint-venture to acquire certain assets and leading brands in Africa.
With this transaction, Africa becomes the key market for GBfoods. The company will operate in 30 African countries, including leadership positions in Nigeria and Ghana.
GBfoods Africa Holdco BV, 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.
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.
Until today, 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.
“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.
GBfoods is a Spanish headquartered international company focused on offering culinary solutions and has had a presence in Africa for more than 40 years. The company was established as a concentrated stock cubes manufacturer and, over the years, has diversified its operations into other food categories including taste enrichers, soups, sauces, noodles and ready meals. The Group is present with its daily food products in Spain, Italy, the Netherlands, Russia, CIS Republics and in 28 countries of the African continent and the Middle East, through prestigious brands such as Gallina Blanca, Star, Jumbo or Grand’Italia. Its innovative character, its local recipes, its commitment to optimum nutrition through the daily diet of its products, and its commitment to society are the keys to its success.
Helios Investment Partners is an Africa-focused private investment firm established in 2004, led and managed by a predominantly African team and based in London, Lagos and Nairobi. Helios’ portfolio companies operate in more than 30 countries in all regions of the continent. Helios bridges international capital and know-how to African talent and enterprise, and is proud of its investments in businesses from start-ups to large corporate carve-outs, building African market leaders in core economic sectors and driving strong returns via portfolio operations.