From a multinational group to a leading regional player: the sale of Castel’s mineral water operations in Côte d’Ivoire to Groupe Carré d’Or
The right buyer for a valuable asset
Founded in 1949, Castel Group is one of Africa’s leading producers and distributors of beer and soft drinks. Through its Ivorian subsidiary Solibra, Castel has supplied the local market with bottled water for over 20 years, becoming the second-largest player with its two brands, Awa and Cristaline. In 2021, Solibra decided to refocus on its core business and divest its water bottling activity, consistent with Castel’s ambition to separate its operations from plastic packaging and prioritize glass packaging. In this context, Castel mandated Enexus as the exclusive financial advisor to run a full-fledged M&A process.
Established in 1988, Carré d’Or is one of the largest private groups in Côte d’Ivoire. Over the years, it has become a key player in the agro-food industry, following a consistent long-term strategy oriented toward the entire food and beverage value chain. The sale of Solibra’s water business presented Carré d’Or with the opportunity to strengthen its presence in the beverage sector.
Thanks to a robust offer, Carré d’Or successfully completed the acquisition of Solibra’s water bottling business in April 2023, marking an important milestone in Côte d’Ivoire’s beverage-industry mergers and acquisitions.
A full carve-out
Originally integrated within Solibra’s broader operations, the water bottling activity was fully carved out as part of the sale process. While this added complexity to the transaction, the combined experience of both Castel Group and Carré d’Or ensured a seamless transition, with Enexus acting as the intermediary to manage stakeholder alignment, carve-out readiness, and transaction mechanics.
An important transaction for the ivorian beverage industry
The bottled water market in Côte d’Ivoire has doubled over the past decade and continues to grow rapidly driven by urbanization and rising living standards. As the urban middle class expands, demand for quality water is increasing, with particular attention to health and well-being. Carré d’Or is committed to dedicating the necessary resources to address this growing demand. As a local player focused on the food and beverage value chain in Côte d’Ivoire, the group deemed it essential to reinforce bottled water into its development strategy.
