Standard Bank facilitates Tolaram’s acquisition of a controlling interest in Guinness Nigeria with comprehensive Investment Banking solution

The bank acted in its capacity as the sole M&A advisor and mandated lead arranger. Additionally, the bank offered global markets FX solutions, along with security and escrow services, custody banking and brokerage services in the Isle of Man.

This support enabled Tolaram to acquire a 58.02% majority stake in Guinness Nigeria from Diageo PLC, completed on 30 September.

Through this acquisition, Guinness Nigeria remains listed, leveraging Tolaram’s vast distribution network to drive a new era of growth and expansion.

Founded in 1948 in Malang, Indonesia, Tolaram has grown to become Nigeria's largest packaged food company. With over USD1bn invested in over 30 world class integrated manufacturing facilities across Africa, Tolaram leads in the production of noodles, milk powder, pasta, cooking oil, dairy, snacks, beverages, oral care, personal care and cereals. Serving millions of consumers across the continent, Tolaram has established itself as a market leader in Africa’s FMCG industry, guided by four generations of leaders who have continuously reinvented the business through innovation and strategic partnerships.

In this landscape, Guinness Nigeria holds a prominent position in the Nigerian beer market. Established in 1950 as a trading company importing Guinness Stout from Dublin, it has transformed into a leading manufacturer. Listed on the Nigerian Stock Exchange (NSX), the company brews, packages and markets renowned products, including Guinness Foreign Extra Stout, Harp Lager, Smirnoff Ice, Malta Guinness and Orijin Spirit Mixed Drink.

This transaction demonstrated Standard Bank’s ability to utilise its multi-jurisdictional platform and deep understanding of the Nigerian market to deliver a bespoke solution tailored to Tolaram’s execution needs.

“We are incredibly grateful to Standard Bank for their steadfast support in facilitating the acquisition financing for Tolaram's purchase of Guinness Nigeria. Navigating Nigeria's challenging macroeconomic environment was no easy feat, but Standard Bank’s solution-oriented approach was invaluable in overcoming significant obstacles. Their expertise and commitment transformed a complex process into a seamless experience, allowing our team to concentrate on other critical aspects of the acquisition,” said Rahul Somani, CFO of Tolaram.

"Standard Bank’s long-standing support of Tolaram highlights their commitment to our success. Their global presence, combined with local expertise and deep dedication to providing a bespoke solution was instrumental in allowing our team to navigate the financial and legal complexities of this milestone acquisition. We look forward to strengthening our partnership with Standard Bank as our business continues to grow,” said Harkishin Aswani, Managing Director – Africa, Tolaram 

“Standard Bank Group is honoured to have delivered a comprehensive solution to support Tolaram on this landmark acquisition; it required thinking outside the box and played to Standard Bank's ability to manage complex transactions and effectively problem solve. It was a delight to align with Tolaram's team of committed professionals whose enthusiasm matched our solutionist mindset. While we have worked with the Tolaram Group as a client for over 2 decades, this transaction is a new milestone in their journey to broadening their footprint across the African FMCG landscape. We look forward to continuing to support them, ” said Yewande Sadiku, Head, Investment Banking, Africa Regions & International at Standard Bank

As Africa’s largest bank by assets, we will continue to provide expedient multi-currency solutions and act as a trusted advisor, helping clients navigate complex regulatory and compliance challenges while executing their strategic initiatives. By facilitating key transactions in the FMCG sector, we support Nigeria's economic growth and expansion.