Bidco Africa broadens horizons with acquisition of Groupaco Holdings

KENYA – Bidco Africa Group has announced its acquisition of Groupaco Holdings Ltd (GHL), marking an entry into the breakfast cereals and snacks market. 

The deal encompasses GHL’s assets and popular brands, including Fillows, Shapies, and Elbbin & Nibble.

Vimal Shah, Bidco’s Executive Chairman, expressed confidence in assimilating GHL’s brands into the company’s ecosystem. 

He noted that these brands align with Bidco’s mission to provide high-quality, locally produced food products to consumers across the region. Shah anticipates scaling these brands further to deliver more innovation and value to customers.

Ahsan Manji, GHL’s CEO, welcomed the development, emphasizing that Bidco’s leadership would drive the brands to new heights. Manji expressed pride in what the GHL team has built and confidence that, under Bidco’s stewardship, the brands will continue to grow and flourish.

Recent leadership changes at Bidco

This expansion follows closely on the heels of significant leadership changes within Bidco Africa. 

In January 2024, three top executives who had joined the company from UK multinational Diageo in 2022 departed. 

Gerald Mahinda, former Managing Director of Dance Africa Corporation, a Bidco subsidiary, exited alongside Chief Growth Officer Baker Magunda and John K’Otieno, who headed operations at the Mauritius-based subsidiary. 

The trio was initially tasked with spearheading Bidco’s expansion across the continent.

Confirming the leadership transition, Bidco’s chairman Vimal Shah stated in an internal notice that the Board of Directors would steer the company toward its next chapter, while acknowledging the departure of the three executives.

The leadership changes align with Bidco Africa’s goal of establishing a continental presence in Africa. The company aims to tap into the projected increase in consumer and business expenditure in Africa, expected to rise from US$4 trillion in 2015 to US$6.6 trillion in 2030, according to Statista.

Continued expansion in the beverage sector

In addition to the GHL acquisition, Bidco’s joint venture, Bidcoro Africa Limited, recently received regulatory approval to fully acquire Suntory Beverage & Food Kenya Limited, the company behind the Ribena and Lucozade brands. 

Bidcoro Africa, a partnership between Bidco and Denmark-based Co-Ro Food, aims to strengthen the beverage sector in East Africa.

Since its inception in 1985 as a soap manufacturer, Bidco Africa has evolved into a powerhouse in the Fast-Moving Consumer Goods (FMCG) sector. 

The company’s portfolio now includes edible oils and fats, hygiene and personal care products, and food and beverage brands. 

The acquisition of GHL is expected to leverage Bidco’s extensive manufacturing and distribution network, enhancing production efficiency and supply chain operations.