Gulf Capital exits olive oil producer

Gulf Capital announced its exit from Tunisia-based CHO Group, a fully-integrated producer and global exporter of olive oil and the largest operator in North Africa.

During the partnership period with Gulf Capital, CHO Group expanded its production facilities and grew its local and global footprint through local acquisitions, backward vertical integration and expanding rapidly its global export markets.

Founded in 1996 as an olive oil bulk trader operating a single crushing mill, CHO Group today manages one of the largest ‘farm-to-fork’ operations in the sector globally, using sustainable farming methods. CHO Group has demonstrated its societal and environmental commitment by supporting Tunisian farmers and millers and by promoting various forms of awareness-raising “good behaviour” practices in sustainable farming.

With the help of Gulf Capital’s growth capital investment, CHO Group has backward integrated over 3,200 hectares of land, which produce olives used by its processing facilities and is planning on increasing this to 4,200 hectares over the next couple of years.

Abdelaziz Makhloufi, co-founder and CEO of CHO Group said, “Demand for food is going to continue to increase over the next decade, driven by population growth and other factors. Supported by Gulf Capital and our other investors who believed in us and shared our vision and values, CHO Group has been cultivating its growth on solid grounds and is now ready for its next phase of growth.”

Miray Zaki, managing director at Gulf Capital, who heads the firm’s North Africa operations, added: “Throughout our partnership, we never stopped to be impressed by the way CHO Group was able to build business resilience through enhancing its sustainable management of resources across its production and supply chain processes, leading to boosting efficiencies throughout its operations. The company was on a consistent mission of improving its sustainability through production, productivity, energy efficiency, diversification, inclusiveness, and capacity development, while creating new jobs and generating shared value for its employees, workers, and investors. The world-class management team have truly been the best partners an investor could hope for. We wish CHO Group all the best on their next phase of growth.”