Ensuring the succession of a local champion: the sale of Avisen to Olam Agri
A family-owned business at a turning point
Founded in 2000 by two veterinarians with a shared vision — to develop the animal feed industry and improve access to local sources of protein — Avisen has grown into a key player in Senegal’s poultry sector. From its modest artisanal beginnings, the company has become the country’s second-largest producer of poultry feed, manufacturing over 100,000 tons annually from its Rufisque plant. More recently, Avisen has expanded downstream with a modern slaughterhouse in Diamniadio, supplying high-quality poultry meat to the local market.
After more than two decades of growth, the founding shareholders, now nearing retirement, sought to pass the torch. Their ambition went beyond securing a fair valuation: they wanted a successor with the vision and resources to continue Avisen’s development, while staying true to its mission of providing reliable, affordable products to Senegalese farmers and consumers. To structure this transition and prepare the company for a competitive process, they mandated Enexus as the exclusive M&A advisor.
Bridging the gap between a family-owned SME and a listed multinational
The transaction posed multiple challenges. The founders, while highly skilled veterinarians and seasoned operators, had no prior M&A experience. Complex issues related to deal structuring, tax impacts, purchase price adjustments, liability guarantees, or due diligence preparation could easily have derailed the process. Enexus worked hand-in-hand with the sellers, mobilising external experts where needed, anticipating financial, legal and tax constraints, defining a balanced set of guarantees, and providing ongoing guidance to ensure that the shareholders were comfortable and confident throughout the process, in line with standard practices in sell-side M&A and financial advisory.
Uncertainty around whether to sell a minority or a majority stake further shaped the transaction. Enexus approached a wide range of investors, securing both minority and majority offers to provide the shareholders with maximum optionality, including interest from strategic buyers and private equity funds. Ultimately, Olam Agri — a listed multinational with a strong track record in Senegal and significant expertise in animal nutrition across West Africa — emerged as the natural acquirer.
To instill confidence, Enexus produced a professional and comprehensive suite of transaction materials (teaser, information memorandum, Dataroom), enabling Olam and other potential buyers to quickly assess Avisen’s strength and seriousness. Enexus also played a central role in the negotiations: with the sellers being francophone and Olam exclusively anglophone, we acted as mediator, translator and coordinator alongside legal advisors to ensure constructive dialogue and smooth deal execution.
Unlocking growth for Senegal’s poultry sector
Beyond the successful succession of a family-owned business, this transaction carries strong implications for Senegal’s poultry industry. Since the 2005 ban on imports of frozen chicken, the sector has boomed, largely driven by small family farms. In this context, access to affordable and reliable poultry feed is essential for food security, rural employment and the availability of animal protein.
With its industrial experience in Senegal and proven know-how in animal feed in Nigeria and beyond, Olam Agri is uniquely positioned to build on Avisen’s foundation and further expand production capacity. The transaction paves the way for increased local supply of poultry meat and eggs — the most affordable animal proteins in the country — directly contributing to improved food security and economic resilience in Senegal.
