Prosper Africa is catalyzing agricultural production and enhancing environmental and social impact in Morocco by enabling Vantage Capital's €14 million ($15.2 million) investment in Société de Production Maraîchère Samir S.A. (SPMS), Moroccan grower of red fruits and tomatoes. Facilitated by Prosper Africa's commercial due diligence support, Vantage Capital's strategic investment will empower SPMS to significantly expand its operations, fostering economic growth and sustainable agricultural practices in Morocco.
SPMS manages a cultivated area of 101 hectares in Agadir, specializing in high-quality cherry tomatoes, raspberries, blueberries, and blackberries. The company has forged a strong partnership with Driscoll's, California-based fresh berries company, under an off-take agreement. Driscoll supports SPMS throughout the entire value chain, from seed supply to the final purchase of the harvest.
The investment from Africa-focused fund manager Vantage Capital is expected to generate significant social and economic impacts in the region. Currently employing around 2,000 staff, SPMS plans to triple its cultivated area to over 300 hectares in the coming years. This expansion will create hundreds of job opportunities, especially for women and youth in rural areas. It will also boost Morocco's agricultural exports, generating foreign currency income for the country.
SPMS is also committed to environmental sustainability, adhering to rigorous international standards for responsible farming practices. The company leverages innovative techniques such as dual-irrigation systems and desalinated water to address water scarcity, and digital solutions to optimize greenhouse conditions. They also prioritize social responsibility, providing employment and training opportunities, and actively supporting local communities through initiatives like supplying drinking water and rehabilitating local schools.
Prosper Africa remains committed to catalyzing investment in Morocco. The due diligence services provided by Prosper Africa, via CrossBoundary Advisory, helped Vantage Capital complete its due diligence on Morocco's red fruits and tomatoes sectors, including assessing key market risks and SPMS's growth potential.
For more information:
Prosper Africa
Email: [email protected]
www.prosperafrica.gov