The manufacturer of brands such as Gallina Blanca, Avecrem or Star strengthens in Africa with the acquisition of the shares that the British fund held in the joint venture created in 2017 to operate on the continent.
GBfoods, the food division of the Catalan group Agrolimen, is once again growing strongly abroad. After acquiring Continental Foods in 2019, the former European subsidiary of Campbell Soup, for 959 million euros, the manufacturer of brands such as Gallina Blanca, Avecrem or Star now redoubles its commitment to African markets.
The company announced Thursday the purchase of 49% of the joint venture company formed in 2017 with the British private equity fund Helios Investment Partners to grow in Africa – where GBfoods was already present – through the acquisition of the Nigerian company Wattanmal and strengthen its business on the continent. African countries accounted for a quarter of the Spanish group’s global sales in 2020.
The former Gallina Blanca has bought the shares held by Helios and has thus come to control 100% of its African division, which includes seven plants in Nigeria, Algeria, Senegal and Ghana, and local brands such as Jumbo broth, Gino and Pomo (tomato sauce) or Jago & Bama (mayonnaise).
The transaction, which has already been approved by the Nigerian Competition authorities, demonstrates, according to the company, “the long-term commitment to the continent” of GBfoods, which has been operating in Africa since 1972.
The sauces, broths and ready meals company of the Carulla family conglomerate achieved in 2020 the highest turnover in its history, with 1.27 billion euros (+26%). Last year was GBfoods’ first full year after the acquisition of Continental Foods, owner of Liebig, D&L and Erasco, among other brands. Attributable profit was almost 113 million, double that of 2019.