Created in 1987 by Anthony and Gabriel Boulos in Lagos, Boulos rapidly became the Nigerian leader in the production of jumbo reels and its conversion into toilet paper, napkins, facial tissues, kitchen towels and handkerchiefs, with a 35% market share of finished products in 2015.

The company possesses a unique industrial asset in Nigeria and West Africa thanks to its state of the art machinery and a third paper mill which started production recently. The production model is essentially based on waste paper collected locally and recycled internally to produce jumbo reels, which are then converted into finished products. The company’s vertical integration grants it a significant competitive advantage over other local and regional players.

Lastly, the company has developed its own brands which are highly visible and distributed all over Nigeria thanks to a wide distribution network of traditional wholesalers and modern retailers.

Role and added value of Amethis

Amethis succeeded in gathering several co-investors for this transaction, including some of its Limited Partners and the EuroMena Funds.

The Boulos family is bringing along external partners to the paper business for the very first time, with the ambition to institutionalize the business and accelerate its local and regional developments. The Group also intends to diversify its local product range towards hygiene products, such as diapers and sanitary napkins. Amethis will help identify potential acquisitions and strategic partnerships will use its network and knowledge of the region to the Group’s benefit.

The fund’s investment is fully part of Amethis’ strategy to support family businesses in consumer related sectors in their modernization and regional development on the African continent.