Grace Ashiru
Vantage Capital, Africa’s largest mezzanine fund manager, has finalized a €14 million mezzanine investment in Société de Production Maraîchère Samir (SPMS) to help finance the company’s growth strategy.
Luc Albinski, Executive Chairman at Vantage Capital, expressed his enthusiasm for supporting SPMS, highlighting the dynamic nature of Morocco’s agricultural sector and SPMS’s proven leadership. “This is our fourth deal in Morocco, and we are excited to provide a customized mezzanine solution to this fast-growing, management-owned company,” Albinski said.
Founded by Moroccan agronomists Samir Jbali and Samir Belhouari, SPMS has grown into a major player in the agricultural industry. Headquartered in Agadir, the company initially specialized in cherry tomato production since 1992 and expanded into red fruits like raspberries, blueberries, and blackberries in 2014, through a partnership with Driscoll’s, a leading global seller of fresh berries.
SPMS currently oversees a cultivated area of 101 hectares and employs over 2,000 people, primarily farm workers who are trained in modern agricultural techniques. The company is known for its high yields and ongoing efforts to innovate by exploring new berry varieties and improving processes for higher quality and sustainability. These efforts include using dual-irrigation systems, desalinated water to combat water scarcity, digital monitoring of greenhouse conditions, and implementing best practices for biological threat prevention.
In addition to its agricultural success, SPMS is dedicated to corporate social responsibility. The company supports local communities by providing employment, training, clean drinking water, and rehabilitating local schools.
With ambitions to expand, SPMS will use the investment from Vantage Capital to triple its cultivated area to over 300 hectares. CEO Samir Jbali said, “This partnership with Vantage Capital is a major milestone for us and will allow us to execute our long-term vision of expanding our market presence.”
Driss Benabdeslam, Partner at Vantage Capital, expressed confidence in SPMS’s management and strategic direction. “This investment reflects our belief in SPMS’s operational excellence and innovation in agriculture. We look forward to unlocking significant value for all stakeholders.”
This deal marks Vantage Capital’s 38th investment across four generations of funds, with its portfolio spanning 11 African countries.
Vantage Capital was advised by Clifford Chance in Morocco, with Deloitte providing financial advice and tax services, Baker McKenzie advising on tax in Luxembourg, Emerton in France offering commercial advice, and Ibis Consulting in Morocco reviewing environmental impacts. SPMS was advised by Mouttaki & Partners as legal counsel and Majorelle Capital as financial advisor, both based in Morocco.
