Promasidor Revenue, Valuation, Funding & Investors

Promasidor is valued at $1.6B as of November 2016, a 2.4x multiple on its last reported $673M revenue.

Last Promasidor valuation

$1.6B

Secondary · Nov 2016

Promasidor revenue

$673M

Secondary · Nov 2016

Key investors in Promasidor

Promasidor Overview

About Promasidor

Promasidor is a Lagos, Nigeria-headquartered manufacturer of consumer food products distributed in 30 African countries. The company produces Onga seasoning cubes, Cowbell powdered milk, and Top Tea beverages, holding 40% market share in Nigeria's stock cube segment. Promasidor operates factories in Angola, DRC, and Ghana, sourcing local grains for Amila cereals. Founded in 1979, it employs 7,000 people and partners with Unilever for distribution networks.


Founded

1981

HQ

South AfricaJohannesburg

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$673M (Nov 2016)

Valuation

$1.6B (Nov 2016)

Promasidor Valuation

Promasidor is currently valued at $1.6B, based on its secondary sale in November 2016.

The $532M round was led by Ajinomoto.

Promasidor valuation by funding round

Promasidor valuation by funding round
DateStageValuationRevenue Multiple
Nov 2016Secondary$1.6B2.4x

Promasidor Revenue

Promasidor's latest recorded revenue is $673M, as of its secondary sale in November 2016. At a $1.6B valuation, that implies a 2.4x revenue multiple.

Promasidor revenue by funding round

Promasidor revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2016$673M$1.6B2.4xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Promasidor Funding History

Promasidor has 1 recorded secondary share sale and no primary funding rounds.

Promasidor funding rounds

Promasidor funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2016SecondaryAjinomoto (lead)$532M$1.6BPromasidor is a South Africa-based consumer goods company founded in 1979, specializing in powdered milk, drinks, dairy products, cereals, and seasonings, with operations in over 30 African countries including Nigeria, Algeria, Ghana, Democratic Republic of Congo, and Angola. The company employs around 4,000 people and leverages an extensive distribution network across 36 countries on the continent. On November 8, 2016, Japanese food giant Ajinomoto acquired a 33.3% stake in Promasidor (South Africa) Pty Ltd from PLEXUS Investments Ltd (8.33%) and Tana Promasidor Holdings Limited (25%) for approximately $530-532 million. The transaction valued the entire firm at $1.6 billion. Ajinomoto outbid competitors including PepsiCo in a competitive auction process advised by Nomura and KPMG. Promasidor recorded net sales of $673 million in 2015. The investment enables Ajinomoto to strengthen its presence in Africa's growing seasonings and processed foods market, driven by population growth from 1.2 billion in 2015 to a projected 1.7 billion in 2030 and an expanding middle class seeking convenient packaged foods.

Who has invested in Promasidor?

1 investor has backed Promasidor across its funding rounds, including Ajinomoto.

Lead investors include Ajinomoto.


Promasidor Investors

Investors in Promasidor by funding rounds participated
InvestorHQRoundsRoleFirst check

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Investments by Promasidor

Promasidor has invested in 1 company to date.

Latest investment by Promasidor was on August 9th 2021. Promasidor invested in Zowasel in their $100K Pre-seed round.


Latest Investments by Promasidor

Zowasel
Description
Zowasel is a Lagos-based agrotech company applying data science to enhance farmer productivity and supply chain transparency across Nigeria and West Africa. The platform delivers real-time market prices, offline-accessible tools, and traceability for crops from farm to buyer. Zowasel connects growers to online and offline markets, promoting sustainability in value chains for staples like maize and cassava.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date9 Aug 2021
RoundPre-seed
Raised$100K
InvestorsGuinness Nigeria
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Promasidor Competitors

Promasidor competitors include listed companies like Honasa Consumer, Cloetta, Spadel and Carabao Group, and private ones like Shuyishao Xiancao and Picnic.

Public and private companies comparable to Promasidor
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shuyishao XiancaoChinaChengduPrivate--$1.6B-
Honasa ConsumerIndiaIndiaPublicly listed$249M$33M$1.6B5.6x
CloettaSwedenSwedenPublicly listed$870M$137M$1.6B1.8x
SpadelBelgiumBelgiumPublicly listed$460M$100M$1.6B-
Carabao GroupThailandThailandPublicly listed$662M$117M$1.7B2.3x
PicnicUnited StatesSeattle, WAPrivate--$1.5B-

Promasidor Public Comps

Promasidor is still privately-owned, but its public comps include Honasa Consumer, Cloetta, Spadel, Carabao Group, LT Foods, Kernel Holding, Yankershop Food Co, AVI, Nomad Foods and J&J Snack Foods.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Honasa Consumer$249M$33M6.1x5.6x46.5x50.4x
Cloetta$870M$137M1.9x1.8x12.2x11.6x
Spadel$460M$100M3.2x-14.5x-
Carabao Group$662M$117M2.5x2.3x14.2x12.3x
LT Foods$1.1B$126M1.5x1.3x13.2x12.0x
Kernel Holding$4.1B$433M0.4x0.4x3.5x3.8x
Yankershop Food Co$859M$164M2.1x2.0x11.1x10.3x
AVI$999M$229M1.8x1.8x7.8x6.6x

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Common questions about Promasidor

When was Promasidor founded?Promasidor was founded in 1981.
Where is Promasidor headquartered?Promasidor is headquartered in Johannesburg, South Africa.
Is Promasidor publicly listed?No, Promasidor is a private, VC-backed company.
What is Promasidor's valuation?Promasidor was last valued at $1.6B in its secondary sale in November 2016.
Who are Promasidor's investors?Promasidor's investors include Ajinomoto.
What is Promasidor's revenue?Promasidor's latest recorded revenue is $673M (November 2016).
What is Promasidor's revenue multiple?Promasidor's latest valuation implies a 2.4x revenue multiple ($1.6B valuation on $673M of revenue).
Which companies are comparable to Promasidor?Companies comparable to Promasidor include Shuyishao Xiancao, Honasa Consumer, Cloetta, Spadel, Carabao Group and Picnic.
How many companies has Promasidor invested in?Promasidor has invested in 1 company, including Zowasel.
What was Promasidor's last investment?In August 2021, Promasidor invested in Zowasel's $100K pre-seed round alongside Guinness Nigeria.

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