DPI Invests in Leading Tunisian Tomato Processing and Agribusiness

London, 21 May 2020 – Development Partners International (“DPI”), a leading Pan-African private equity firm with a strong track record of investing across the continent, is pleased to announce the second investment from its third fund, Africa Development Partners III (“ADP III”), into Société Industrielle des Conserves Alimentaires (“SICAM”), a leading food business and tomato processor in Tunisia, aligned with DPI’s investment strategy focused on the emerging middle class in Africa and on consumer-driven industries.

Established in 1969, SICAM is the leading producer of canned tomatoes, pepper pastes, and jams and one of the most recognized brand names in Tunisia’s food and agri-industry, with a strong track record of delivering quality products to its customers. Wholly owned by the Bayahi Group, a leading Tunisian conglomerate, SICAM has quickly become the fastest growing player and market leader of the sauces and condiments segment in Tunisia, in part driven by its strong relationships with the local farming industry,
enabling it access to consistent tomato harvests.

SICAM is the only player operating through a vertically integrated model including PROCAN (100% subsidiary of SICAM) which manufactures metallic cans for SICAM in various formats, and SICAM AGRI (50.5% subsidiary of SICAM) which provides farmers with technical advice, financing, tools and agricultural inputs. Despite the Covid-19 crisis, demand remains strong given the nature of SICAM’s products and sales continue to increase.

DPI, as an active investor, will be partnering with the Bayahi Group to support SICAM’s management team in the development of SICAM’s future strategy and growth opportunities, including further strengthening SICAM’s leading position in its core market of Tunisia, as well as developing its export strategy in light of Tunisia’s and SICAM’s competitiveness in the industry. Through this partnership, SICAM will benefit from DPI’s significant regional and sector expertise and its active management approach to investing.

The investment also reaffirms DPI’s commitment to driving economic development across Africa, with agriculture being key to the continued advancement of Africa’s fast growing emerging middle class. SICAM’s partnership model with local farmers and the canned food products processed and sold by the company cater to the emerging middle class. DPI, through its Impact and ESG team, will also focus during the investment period on increasing resilience to climate change impacts and on promoting sustainable agricultural practices throughout the business and supply chain. The investment will allow SICAM to further improve the incomes of the farmers it partners with and the sustainability of food supply in the country.