South African FMCG company Bounty Brands has received $22 million from IFC in support of its expansion into Botswana, Kenya, Mozambique, Zambia and Poland.
Bounty Brands is a platform that sells food, personal and home care products in more than 40 countries in the world.
The company with a portfolio of leading global brands is preparing for listing on the Johannesburg Stock Exchange and London Stock Exchange within the next 18 months.
The IFC investment will be in the form of a convertible loan redeemable in cash or convertible into common equity of Bounty Brands upon successful listing on these Bourses.
“Our aim is to make Bounty Brands a household name for consumer goods not only on the African continent but globally,” Stefan Rabe, CEO, Bounty Brands said.
In the expansion, the company expects to double its number of employees as well as its sales agents and other entrepreneurs in its supply chain from increased opportunities.
Bounty Brands portfolio companies such as Annique and Table Charm use direct marketing models that train and empower over 20, 000 sales agents most of them from disadvantaged socio-economic backgrounds.
IFC’s Head of Manufacturing, Agribusiness and Service to Africa, Mary
Jean Moyo said IFC will tap into its global network and expertise to support Bounty Brands’ growth as it has the ability to create global value chains that employ thousands while developing logistics and infrastructure.