Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine fund manager, announced today that it closed a €14 million mezzanine investment in Société de Production Maraîchère Samir S.A. (“SPMS”) to part-fund the company’s investment programme.
SPMS was founded by Mr. Samir Jbali and Mr. 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 is a high-performing grower, achieving some of the highest yields in the region. It is constantly seeking new berry varieties and optimising processes to enhance product quality and yield, while minimising its environmental impact. This includes the use of dual-irrigation systems and desalinated water for farming to address water scarcity issues, digital solutions to monitor temperature, humidity and other parameters in its greenhouses, and following best-in-class prevention measures against biological threats. SPMS’s commitment to supporting local communities is seen through its vibrant Corporate Social Responsibility programme. In addition to providing employment and training opportunities, the company actively undertakes various initiatives to uplift the surrounding villages, such as supplying drinking water or rehabilitating local schools.
SPMS has ambitions to expand further and will utilise Vantage Capital’s investment to finance its development strategy and triple its cultivated area to 300+ hectares.
Mr. 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.”
Mr. 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.”
Mr. Driss Benabdeslam, Partner at Vantage Capital, concluded, “Investing in SPMS reflects our confidence in management’s strategic vision and operational excellence within the agricultural industry. We welcome the opportunity to partner with a company that continues to innovate and lead in the cultivation of high-quality produce. We are confident that this transaction will unlock significant value for all stakeholders.”
This transaction represents Vantage Capital’s 38th investment across four generations of funds with its portfolio of investments spread across eleven African countries.
Vantage Capital was advised by Clifford Chance (in Morocco) who 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) who acted as their legal counsel and Majorelle Capital (in Morocco) who acted as financial advisor.
Distributed by APO Group on behalf of Vantage Capital Group.
For more information contact:
Luc Albinski
Executive Chairman
lalbinski@vantagecapital.co.za
Driss Benabdeslam
Partner
driss@vantagemezzanine.com
About Vantage Capital:
Founded in 2001, Vantage Capital is an Africa-focused fund manager that has raised funds of over $1.6 billion.
Since 2006, Vantage Capital’s Mezzanine division has made 38 investments across four successive funds into 11 African countries, making it the largest and most experienced independent mezzanine funder on the continent. In addition, Vantage Capital’s GreenX division has made over R4.2bn of senior debt investments into 14 senior debt investments into South African solar and wind energy projects across two funds. Vantage Capital also launched Vantage Best in Class in 2022 to provide long-term financial and strategic support to education businesses operating in Europe, the Middle East and Africa. As a first step, Vantage Best in Class has partnered with Maple Bear Global Schools, the largest and fastest growing franchise of K-12 bilingual schools in the world in a €100 million investment programme for the Central&Eastern European region.
Vantage Capital targets mezzanine debt opportunities of $10-50m across more than a dozen key African markets.
Mezzanine debt is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the riskiest tranche of the capital structure. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity.
Website: www.VantageCapital.co.za
About SPMS:
Founded in 1992, SPMS is a leading agricultural company headquartered in Agadir, Morocco, specialising in the cultivation of red fruits and cherry tomatoes across 101 hectares of planted area.
Over the past decade, the company has experienced remarkable growth, fuelled by long-standing partnerships with (i) the international firm Driscoll’s, one of the leading sellers of fresh berries worldwide and (ii) Salad Time, a market leader in cherry tomatoes packing and export, widely recognized for the quality of its products.
SPMS is guided by a highly educated and experienced management team with deep industry expertise, which will continue to drive business development and enhance performance.