The joint venture of GBfoods and Helios Investment Partners is set to acquire certain assets and leading brands in Africa to operate in 30 African countries with leadership positions in Nigeria and Ghana. The joint venture has acquired various African companies including leading brands such as Jumbo (bouillon), Gino and Pomo (tomato paste), Jago (milk powder and mayonnaise) and also Bama (mayonnaise) distribution rights. The deal includes three production plants, one in Ghana and two in Nigeria and includes more than 600 workers from various nations.
Till date GBfoods manufactures more than 4,000 million Jumbo cubes and has been present in Africa for more than 40 years and accounts for 20% of the Group’s turnover. According to Ignasi Ricou, CEO of GBfoods, the deal will double the number of consumers in Africa and will be part of daily food for millions of Africans.
Headquartered in Spain, GBfoods has had presence in Africa for more than 40 years. Starting with concentrated stock cubes it has currently diversified into taste enrichers, soups, noodles and ready meals. GBfoods has international presence in Spain, Italy, the Netherlands, Russia, CIS Republics and 28 countries in the African continent and the Middle East. Established in 1937, it boasts a turnover of 1 billion euros ($1.19 billion) and employs around 2,400 employees.
About Helios Investment Partners
Established in 2004, Helios Investment Partners is an Africa focused investment firm. It is managed as well as led by predominantly African team and is based in London, Lagos and Nairobi. It operates a portfolio with companies in more than 30 countries across Africa. Helios Investment has invested over $2 billion in African businesses till date and since 2008 it has generated over $9 billion in revenue while creating 6000 new jobs.