Helios portfolio company completes $53m tomato processing factory in Nigeria
GBfoods, a global culinary products manufacturer, recently built a N20 billion ($53 million) tomato processing factory in Kebbi State, Nigeria. The factory is the second largest in Nigeria and the only fully backward integrated plant. When all phases of the project are finished, the factory will be the largest fresh tomato processing factory in sub-Saharan Africa.
In May 2017, private equity firm Helios Investment Partners partnered with GBfoods S.A. to capitalise GBfoods Africa, creating one of the continent’s largest fast-moving consumer goods businesses with a presence in over 30 African countries. GBfoods Africa owns 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 investment in the factory and adjoining farm, includes drip irrigation and fertigation infrastructure, greenhouses, seed planting robots, an incubation chamber and a plethora of agricultural machinery. The farm will serve a dual purpose: it will produce industrial tomatoes in the dry season and soya beans in the rainy season. The tomato factory will convert fresh tomatoes into tomato concentrate used for producing Gino Tomatoes Paste and Gino Tomato Pepper Onion Paste while the soya bean will be used to process soya-bean oil which is a critical ingredient for GBfoods’ Bama and Jago Mayonnaise.
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