The World Bank Group’s International Finance Corporation (IFC) and ARM Capital Partners have announced a joint USD9.5m equity in Nigerian Boulos Foods and Beverages Ltd. The IFC will contribute USD3.5m and ARM USD6m. Boulos, incorporated in Ibadan, Oyo State, produces fruit juices, other non-alcoholic drinks, milk products, and tomato paste for the domestic market. It plans to use the funding to expand its processing plant in Ibadan.
The IFC noted the wider impact of this investment that would benefit stakeholders along the value chain, from farmers to distributors and retailers. And as we have flagged previously, the IFC veers between two roles in the private equity industry: LP and co-investor, as is the case here. Source: Africa Assets