(Ecofin Agency) - Helios Investment Partners has completed its exit from consumer goods distributor GBfoods Africa after more than four years. The pan-African private equity firm sold its 49% stake to GBfoods SA for an undisclosed amount.
According to Nimit Shah, partner at Helios, the PE firm has helped build GBfoods Africa into "a large, fast-growing, local African consumer goods company." Through this new transaction, GBfoods SA will become the sole shareholder of GBfoods Africa.
The joint venture was launched in 2017 and is currently active in about 30 countries on the continent. It is the main distributor of brands such as Jumbo (broth), Gino and Pomo (tomato paste) and Jago (milk powder and mayonnaise), as well as Bama (mayonnaise).
In a study published in March 2018, the International Finance Corporation estimated that Africa will be the largest consumer market for goods and services, by 2030. Nearly 100 million people are expected to join the middle and high income classes. Household consumption and spending is expected to grow annually and at a steady pace.