Vantage Capital in Morocco agriculture deal
Vantage Capital in Morocco agriculture deal
Vantage Capital has closed a €14 million mezzanine investment in Société de Production Maraîchère Samir.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
African fund manager Vantage Capital has closed a €14 million mezzanine investment in Société de Production Maraîchère Samir (SPMS) to part-fund the company’s investment programme.
SPMS was founded by Samir Jbali and Samir Belhouari, two Moroccan agronomists with a shared entrepreneurial vision, and the company has since grown into a leading agricultural player.
Headquartered in Agadir, Morocco, it has specialised in cherry tomato production since 1992 and then expanded into red fruits (raspberries, blueberries and blackberries) in 2014 through a partnership with the US-based group Driscoll’s, a leading global seller of fresh berries.
The company currently manages a planted area of 101 hectares and employs over 2,000 people, mostly farm workers that it trains in modern agricultural practices.
SPMS has ambitions to expand further and will utilise Vantage Capital’s investment to finance its development strategy and triple its cultivated area to over 300 hectares.
Samir Jbali, CEO of SPMS, commented, “We are very pleased to have the support of Vantage Capital. This transaction marks a significant milestone for our company and will enable us to execute our long-term strategic vision of expanding our market presence.”
Luc Albinski, executive chairman at Vantage Capital, added, “We are proud to support SPMS in its next phase of growth. The agricultural sector is very dynamic in Morocco and SPMS has consistently demonstrated strong leadership. This transaction represents our fourth deal in the country, and we are thrilled to provide a tailored mezzanine solution to this fast-growing management-owned business.”
Vantage Capital was advised by Clifford Chance (in Morocco) which acted as its legal counsel. Deloitte (in Morocco) and Backer McKenzie (in Luxembourg) provided tax advice, Deloitte (in Morocco) was the financial advisor, Emerton (in France) provided commercial advice, and Ibis Consulting (in Morocco) reviewed the environmental impact.
SPMS was advised by Mouttaki & Partners (in Morocco) which acted as their legal counsel and Majorelle Capital (in Morocco) which acted as financial advisor.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log.