Vantage Capital, a premier fund manager in Africa, has successfully completed a €14 million mezzanine financing deal with Société de Production Maraîchère Samir (SPMS), a prominent agricultural firm in Morocco. This financial injection is earmarked to bolster SPMS’s ambitious expansion plans, which include a threefold increase in its farming acreage, thereby propelling the company’s rapid development.
Since its establishment by agronomists Samir Jbali and Samir Belhouari, SPMS has played a pivotal role in the Moroccan agricultural landscape. The company initially focused on cherry tomato cultivation in 1992 before diversifying into red fruits like raspberries, blueberries, and blackberries in 2014, following a collaboration with Driscoll’s, a worldwide leader in the berry market.
Based in Agadir, Morocco, SPMS has grown to manage operations over 101 hectares, providing employment to more than 2,000 individuals, many of whom receive training in contemporary farming techniques. With the backing from Vantage Capital, SPMS is set to expand its operational footprint to beyond 300 hectares.
Samir Jbali, CEO of SPMS, expressed his enthusiasm about the partnership with Vantage Capital, highlighting the investment as a crucial step in realizing the company’s strategic vision for growth and solidifying its position in the market.
Luc Albinski, Executive Chairman at Vantage Capital, also shared his optimism about the collaboration, commending SPMS for its leadership within the flourishing Moroccan agricultural sector.
This transaction marks Vantage Capital’s fourth venture in Morocco, with the firm drawing on the expertise of Clifford Chance for legal guidance, Deloitte for financial and tax consulting, and Ibis Consulting for environmental assessments. This investment signifies a notable advancement for Morocco’s agricultural industry, setting the stage for SPMS’s continued expansion and success in the foreseeable future.
