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The International Finance Corporation announced today that it will provide a $22 million financing to Bounty Brands, a leading South African consumer goods business, to support the company’s expansion across markets in Africa and Europe.

The Washington D.C.-based multilateral lender said its financing will support Bounty Brands to introduce new products in its home market in South Africa and venture into new markets in Kenya, Zambia, Mozambique, Botswana, and Poland. Bounty Brands’ expansion is expected to double the number of its direct employees from 2,080 currently, to over 4,000 by 2021.

In addition to its employees’ expansion, Bounty Brands will also double its current network of over 20,000 sales agents, most of whom are young women from disadvantaged backgrounds. The company will also empower other entrepreneurs along its supply chain, the IFC said.

“IFC partners with ambitious, growing companies like Bounty Brands, which have the ability to create global value chains that can employ thousands of people, while developing logistics and infrastructure,” said Mary Jean Moyo, IFC’s Head of Manufacturing, Agribusiness and Services for Africa. “IFC will tap into its global network and expertise to provide hands-on support to Bounty Brands as the company sets foot into new frontiers.”   

Founded in 2014, Bounty Brands owns a portfolio of leading brands in food, personal care, and home care goods that are available in 40 countries around the world. In 2016, the company said it earned $247 million in revenue and $36 million in operating profit.

The IFC said its investment in Bounty Brands will be in the form of a convertible loan, which can be redeemed in cash or convertible into common equity upon a successful listing of the company’s shares on the London Stock Exchange and the Johannesburg Stock Exchange.

“Already, IFC's Corporate Governance assessment and Environmental and Social review have added significant value to the group as it prepares for a listing on the Johannesburg Stock Exchange and London Stock Exchange in the next 12 -18 months,” said Stefan Rabe, Bounty Brands’ CEO.