Vantage Capital closes €14 million transaction with Société de Production Maraîchère Samir SA (SPMS).
This investment has two objectives that SPMS has set for itself: to finance its development strategy and to triple its cultivated area, to more than 300 hectares.
Vantage Capital, the largest mezzanine debt fund manager in Africa, announced on September 23 the closing of a €14 million mezzanine investment in Société de Production Maraîchère Samir SA (SPMS) to finance part of its investment program.
Based in Agadir, Morocco, SPMS has specialized in the production of cherry tomatoes since 1992, and diversified in 2014 into red fruits (raspberries, blueberries and blackberries) through a partnership with the American group Driscoll’s, which is a world leader in the sale of these products. The company currently manages a cultivated area of 101 hectares and employs more than 2,000 people, mainly agricultural workers whom it trains in modern agricultural practices.
High yields
SPMS is a successful producer, generating some of the highest yields in the region. It is constantly looking for new varieties of products and optimizing its processes to improve the quality and yield of these, while minimizing its environmental impact. This involves, for example, the use of dual irrigation systems and desalinated water for agriculture to address water shortage issues, digital solutions to monitor temperature, humidity and other parameters in its greenhouses, and the implementation of the best preventive measures against biological threats.
SPMS has ambitions to grow further and will use Vantage Capital’s investment to fund its development strategy and triple its cultivated area to over 300 hectares.
Vantage Capital multiplies its investments in Morocco
“We are very pleased to have the support of Vantage Capital. This transaction marks an important milestone for our company and will allow us to implement our long-term strategic vision to expand our market presence,” said Samir Jbali, CEO of SPMS. And Luc Albinski, Executive Chairman of 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 always demonstrated strong leadership. This transaction represents our fourth operation in the country, and we are delighted to provide a tailor-made mezzanine solution to a growing management-owned company.”
Finally, Driss Benabdeslam, Partner at Vantage Capital, concluded: “Our investment in SPMS reflects our confidence in the strategic vision of the management team and the operational excellence of the company within the agricultural sector. We were delighted with the opportunity to partner with a company that continues to innovate and position itself as a leader in the cultivation of high-quality products. We are convinced that this transaction will have significant added value for all stakeholders.”
This transaction represents Vantage Capital’s 38th investment across four generations of funds, with an investment portfolio spread across eleven African countries.
Vantage Capital was advised by Clifford Chance (Morocco), which acted as legal advisor for the transaction. Deloitte (Morocco) and Backer McKenzie (Luxembourg) were the tax advisors, Deloitte (Morocco) was the financial advisor, Emerton (France) was the commercial advisor, and Ibis Consulting (Morocco) studied the environmental impact.
SPMS was advised by Mouttaki & Partners (in Morocco), which acted as legal advisor, and Majorelle Capital (in Morocco), which acted as financial advisor.
Vantage Capital
Founded in 2001, Vantage Capital is a pan-African fund manager with more than $1.6 billion raised to date.
Since 2006, Vantage Capital’s Mezzanine division has completed 38 investments in 11 African countries across four generations of funds, making it the largest and most experienced independent mezzanine debt fund manager on the continent. In addition, Vantage Capital’s GreenX division has invested over R4.2 billion in 14 solar and wind projects in South Africa across two funds. Vantage Capital also launched Vantage Best in Class in 2022 to provide long-term financial and strategic support to companies operating in the education sector in Europe, the Middle East and Africa. Vantage Best in Class has already partnered with Maple Bear Global Schools, the world’s largest and fastest growing network of K-12 bilingual schools, on a €100 million investment programme for Central and Eastern Europe.
Vantage Capital targets mezzanine debt opportunities of $10 million to $50 million in more than a dozen key African markets.
Mezzanine debt is an intermediate form of capital, which falls between senior debt, the least risky part of the capital structure, and equity, the most risky. It combines elements of debt and equity, thus providing companies with long-term financing, on terms that are less dilutive to shareholders than equity and more flexible than senior debt.
SPMS
Founded in 1992, SPMS is a leading agricultural company based in Agadir, Morocco, specializing in the cultivation of soft fruits and cherry tomatoes on 101 hectares of planted area.
Over the past decade, the company has experienced remarkable growth, fueled by long-standing partnerships with (i) the international Driscoll’s Group, one of the world’s leading sellers of soft fruits and (ii) Salad Time, a market leader in the packaging and export of cherry tomatoes, widely recognized for the quality of its products.
SPMS is led by a highly qualified and experienced management team with deep industry expertise who will continue to drive business development and improve the company’s performance.
By The editorial staffEditorial Committee – Casablanca
