Boulos F&B

completed

Boulos Food and Beverage is a greenfield food and beverage processing company being established in Nigeria to produce tomato paste, fruit drinks and milk products. The project consists of an equity investment of up to $3.5m and a loan of up to $4.5m. IFC’s investment will support the procurement and installation of plant and machinery, procurement of delivery trucks, working capital financing and refinancing of existing debt.BFB’s plant is located in a semi-industrial estate in Ibadan, Nigeria. The plant is surrounded by other industrial sites and some residential compounds (housing for staff of the various companies in the estate). The plant sits on a 37,000m2 plot of land and consists of a main processing and administrative block; a loading bay; storage facilities; staff facilities and washrooms; wastewater treatment plant (WWTP) and ancillary facilities; all occupying approximately 10,000m2. All products will be manufactured from concentrate imported from European suppliers; as such there are no supply chain concerns. The manufacturing process consists of mixing/blending (product preparation), pasteurization, filling and packaging. The plant has a total capacity of 10,000 liters, with an additional 600 liters from the pilot plant. There are two production lines which will enable the plant to produce two products simultaneously. BFB also has a sales office in Ikeja, Lagos which includes administrative offices and a warehouse.At the time of IFC’s site visit, the construction and installation of machinery was at 95% completion with construction activities limited to the loading bay, clearing and leveling of undeveloped portions of the plot and other minor construction activities. The plant has since been completed and production operations have started for tomato paste.