Vantage Capital, a mezzanine fund manager based in Africa, has completed a €14 million mezzanine investment in Société de Production Maraîchère Samir S.A. (SPMS). This investment is aimed at supporting the company's investment program.
SPMS, established by Moroccan agronomists Mr. Samir Jbali and Mr. Samir Belhouari, has evolved into a prominent entity in the agricultural sector, driven by their entrepreneurial vision. 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 established itself as a grower with notable productivity, achieving high yields in its region. The company is dedicated to continuous improvement, actively seeking new berry varieties and refining its processes to improve both product quality and yield, with a concerted effort to reduce its environmental footprint. This includes adopting dual-irrigation systems and utilizing desalinated water to mitigate water scarcity, implementing digital solutions for precise monitoring of environmental conditions within its greenhouses, and adhering to stringent measures to prevent biological threats.
The company also demonstrates a strong commitment to the welfare of local communities through its comprehensive Corporate Social Responsibility (CSR) program. By offering employment and training, SPMS plays a significant role in local development. Additionally, it engages in various initiatives aimed at enhancing the quality of life in surrounding villages, which includes efforts like providing access to drinking water and supporting the rehabilitation of local educational facilities.
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.
For more information:
Vantage Capital
Ground Floor, 3 Melrose Boulevard
Melrose Arch, 2076, Johannesburg, South Africa
Tel: +27 (0) 11 530 9100
www.vantagecapital.co.za