Enexus acted as M&A advisor to Duval Group on the sale of its stake in Fondation et Forage d’Afrique (FFA) to the Adeoti Group

M&A Advisor FFA

Fondation et Forage d’Afrique (FFA) is a leading African engineering and construction company specializing in technical drilling, special foundations, and water infrastructure. Through its operations across several African countries, FFA has built a strong reputation for delivering complex geotechnical works, hydraulic drilling, and mining exploration services for both public and private sector clients.

As part of the continued development of FFA, Groupe Duval decided to transfer its stake to Adeoti Group, a well-established local construction and civil engineering company. This transaction will enable FFA to pursue its growth under a strong regional industrial partner, while benefiting from Adeoti Group’s deep knowledge of local infrastructure markets and its expertise in large-scale public works projects across West Africa.

About Duval Group

Groupe Duval is a French family-owned investment and real estate group founded in 1994 by Éric Duval and headquartered in Paris. Originally focused on real estate development, the Group has expanded into multiple sectors including property development and operations, tourism residences, golf management, and impact investments such as microfinance, insurance, food, and renewable energy. Operating across Europe, Africa, and Asia, Groupe Duval employs around 6,000 people worldwide.

About FFA

FFA is an African engineering and construction company specializing in technical drilling, special foundations, and water supply infrastructure. Founded in 1998 and headquartered in Togo, the company operates across several African countries – including Benin, Cameroon, Senegal, Congo, and Gabon – delivering geotechnical works, hydraulic drilling, and mining exploration services for complex infrastructure and water access projects. FFA is part of the Groupe Duval ecosystem and works with both institutional and private clients to implement turnkey projects across the continent.

About Adeoti Group

The Adeoti Group is a family-owned Beninese construction and civil engineering company headquartered in Cotonou. Founded in 1992 by engineer Yaya Salami Adeoti, the company specializes in road construction, public works, and quarry operations for aggregates and granite used in infrastructure projects. Over the years, it has grown into one of the established local BTP contractors in Benin, contributing to major infrastructure and public works projects across the country.

Enexus acted as exclusive M&A advisor to Air Liquide, the world leader in industrial and medical gases, on the sale of 12 subsidiaries in Africa to Adenia Partners through its fund Adenia Capital IV, a leading private equity fund in Africa

Sale of 12 Air Liquide subsidiaries

With a presence on the continent for over 90 years, 1,600 employees and 700 million euros invested in the last three years, Air Liquide is a major industrial and medical gas player in Africa.

Air Liquide completed the sale of its shareholdings in 12 subsidiaries across West Africa, Central Africa, and the Indian Ocean to Adenia IV, a private equity fund managed by Adenia Partners. With this acquisition, Adenia establishes itself as a leading player in the industrial gases sector in sub-Saharan Africa under a new brand, Erium. Erium now holds leading or significant market positions in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo. This African private equity investment provides the foundation for a pan-African industrial gases platform, preserving operational continuity while unlocking the capital required for long-term growth. . As part of the transaction, Air Liquide will retain an operational relationship with the divested entities through long-term supply agreements and technical support partnerships with Adenia.

About Air Liquide

Air Liquide is a global leader in gases, technologies, and services for the industrial and healthcare sectors. Operating in 60 countries, the Group employs over 65,000 people and generates more than €27 billion in revenue. Since its founding in 1902, Air Liquide has specialized in essential molecules such as oxygen, nitrogen, and hydrogen, which are fundamental to industry and healthcare. Today, the Group serves over 4 million clients and patients worldwide.

About Adenia Partners

Adenia Partners is a private equity firm managing $880 million in assets, with over 20 years of commitment to responsible and sustainable investments in Africa. With a strong track record, Adenia Partners has raised 5 funds, completed over 30 investments, and successfully executed 18 exits.