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 M&A advisor to Axa, Apis Partners, the European Investment Bank (EIB) and Abler Nordic on the majority sale of their shareholdings in Baobab to Beltone Holding, bringing deep Africa-focused deal execution expertise to the transaction

Sale of Baobab Group

Baobab is the leading financial services provider dedicated to supporting small businesses across Africa. By leveraging data and digital technologies, the company broadens access to finance for those underserved by traditional banks. Its comprehensive product suite empowers SMEs and micro-entrepreneurs to grow and thrive, driving economic development across the continent.

To pursue this success story, Baobab’s majority shareholders, including Axa, Apis Partners, the EIB and Abler Nordic, decided to sell their controlling stake to Beltone. This transaction will further enhance Baobab’s ability to expand financial inclusion in Africa by unlocking new opportunities for innovation, digital transformation and sustainable growth leveraging on Beltone’s resources.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Axa Group

AXA Group is a global leader in insurance and asset management, serving over 95 million clients across 50 countries. AXA provides a comprehensive range of financial protection and investment solutions, including life and health insurance, property and casualty coverage, and asset management services.

About Apis Partners

Apis Partners is an ESGI-native private equity and venture capital asset manager that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis manages or advises an asset base totalling c.$2.3bn.

About Abler Nordic

Abler Nordic (formerly Nordic Microfinance Initiative) was established in Oslo in 2008 as a public-private partnership investing in Africa and Asia, in companies that offers financial services to low-income households. Abler Nordic currently manages six funds, with total commitments of $470 million.

About the European Investment Bank (EIB) 

The EIB is the European Union’s long-term lending institution, providing financing and expertise to support investment projects in Europe and internationally. Through its activity in emerging markets, the EIB helps mobilize long-term capital for infrastructure and private-sector development, supporting cross border investment Africa. The EIB also works alongside partners to strengthen access to finance and accelerate cross-border investment in Africa across priority sectors.

About Beltone

Beltone Holding is a leading financial services platform in the MENA region listed on the Cairo Stock Exchange. Its diverse offerings include brokerage, asset management, and non-banking financial services. Beltone is majority-owned by Chimera Investment LLC, part of Abu Dhabi’s Royal Group through IHC, the second largest listed group in the Middle East.

Enexus acted as M&A advisor to Baobab in the sale of Baobab+ to Biolite

Sale of Baobab +

Baobab+ is the leading off-grid energy access company operating across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. To date, the company has empowered over 425,000 households with solar energy solutions, positively transforming the lives of more than 2.5 million people. In addition to its primary mission, Baobab+ promotes digital inclusion and has equipped over 263,000 customers across its markets with smartphones and other digital devices, primarily through pay-as-you-go financing plans.

Over the past six years, BioLite has served as Baobab+’s primary supplier and strategic partner for off-grid solar products. This acquisition strengthens that relationship and will enable Baobab+ to leverage BioLite’s technological expertise and operational strengths, accelerating innovation and sustainable growth in renewable energy solutions across Africa.

About Baobab+

Founded in 2015, Baobab+ is a social enterprise that supports households and entrepreneurs in their energy autonomy through the distribution of solar kits across Senegal, Côte d’Ivoire, Nigeria, and Madagascar. In addition to this primary vocation, Baobab+ offers digital devices for educational and professional purposes. These products benefit from financing facilities to make them accessible to all.

About Baobab

Founded in 2005, Baobab Group is a leading microfinance institution serving over 500,000 SMEs and micro-entrepreneurs through its seven subsidiaries (Ivory Coast, Senegal, Mali, Nigeria, Burkina Faso, DRC and Madagascar). It offers a comprehensive range of products including MSME loans, savings solutions, and mobile payments.

About Biolite

BioLite is a social enterprise that develops and distributes off-grid energy products for people living beyond the traditional grid. Serving outdoor and home uses, in both mature and emerging markets, the self-reliant energy company has reached over 14.6 million users with innovative power, lighting, and cooking solutions.

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.

Enexus acted as M&A advisor to Groupe Duval in the capital raising of its subsidiary Finafrica with Proparco

fundraising for Finafrica

Finafrica is the first microfinance network offering insurance products in Africa and aims to become a key player in financial and insurance inclusion in the continent. The company provides better protection for micro-entrepreneurs (including their households), a lower cost of credit for borrowers benefiting from insurance and a more controlled cost of risk for microfinance institutions. This investment – comprising an equity fundraise together with a convertible bond – will enable Finafrica to consolidate its growth and pursue its network expansion strategy across Africa, reinforcing its financial inclusion mission. 

About Finafrica

Founded in 2018, Finafrica is a subsidiary of Groupe Duval and is the first microfinance network offering insurance products in Africa. With its ten subsidiaries, Finafrica supports 1.2 million clients on a daily basis in five countries (Guinea, Cameroon, Senegal, Côte d’Ivoire and Rwanda).

About Proparco

Proparco is a subsidiary of the French Development Agency group and has been working alongside the private sector for over 45 years with a diversified range of financial tools adapted to the company’s different stages of development.

Enexus acted as M&A advisor to the shareholders of Avisen in the full sale of their shares to Olam Agri, the leading food and agribusiness in Africa

Sale of Avisen to Olam Agri

Avisen’s story began in 2000 with the meeting of two veterinarians in Senegal, sharing a common idea: develop the animal feed industry to facilitate access to animal protein. Twenty years later, the modest initial artisanal unit has grown into Senegal second largest poultry feed manufacturer. Avisen now produces over 100,000 tons of feedstuff per year and processes broilers in its brand-new slaughterhouse.

To pursue this success story, the shareholders have decided to seek a successor able to take Avisen to the next stage while preserving the vision of the founders: to offer high-quality products at an affordable price for the benefit of Senegalese poultry growers and consumers

Following a comprehensive M&A process reaching out to a wide range of potential buyers, Avisen’s shareholders considered Olam Agri as the worthiest candidate. With its deep market knowledge, technical expertise, and financial capacities, Olam Agri possesses all the strengths needed to pursue Avisen’s development. Olam has indeed played a key role in the Senegalese wheat milling industry for nearly a decade and has gained a strong technical expertise in the animal feed industry as a leading producer in Nigeria.  

About Avisen

Created in 2000, Avisen is a Senegalese company manufacturing poultry feedstuff and poultry meat. Located in Rufisque, Avisen’s feed facility produces over 100,000 tons of poultry feedstuff yearly. Avisen also processes broilers into its brand-new slaughterhouse located in Diamniadio to produce chicken meat.

About Olam Agri

Olam Agri is a market leading, differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years. Olam Agri is at the heart of global food and agri-trade flows with 39.6 million MT in volume traded in 2023. Focused on transforming food, feed and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future.  www.olamagri.com/

Enexus acted as M&A advisor to Trigger’s Reports, a security risk management start-up, in its fundraising with Eurofind

Fundraising Trigger’s Reports

Founded in 2017, Trigger’s Reports has developed a unique and price-disruptive solution to make accessible security to the greatest number of people. Through its platforms, companies can assess and monitor security threats and communicate them to their staff. 

Trigger’s Reports already offers its services to over 16,000 users through local and multinational corporates operating in Africa. In order to expand its client portfolio and further invest into R&D to integrate new technological features to its platform, Trigger’s Reports opened its capital to Eurofind. This growth capital investment will support the company’s product development and commercial expansion.

With over 3,000 employees spread over four countries, Eurofind is receptive to the challenges faced by companies to ensure employee-security in certain geographies. Its shareholders therefore provided Triggers’ Report with the necessary equity to achieve its growth strategy.

About Trigger’s Reports

Founded in 2017,  Trigger’s Reports is a start-up based in Dakar which offers an information and alert platform for security risk management. Trigger’s Report platform also enables to geolocate people, vehicles, assets, and offers a wide range of taylormade addons. 

About Group Eurofind 

Founded in 1972, in Ivory Coast, Eurofind is a diversified conglomerate operating in West Africa with activities in steel processing, plastics and chemicals industry, food, agribusiness, and real estate.

Enexus acted as M&A advisor to the shareholder of International Drilling Company (“IDC”), a leading African drilling company in its fundraising with Adiwale Partners

Founded in 2011, IDC is a West African drilling company, with a unique positioning between local drillers and international majors. With more than thirty drilling rigs, IDC offers drilling services to the mining majors as well as to companies active in the construction and water sectors. IDC’s equity raise from Adiwale Partners, a leading West African private equity fund, will enable the company to expand further in West Africa, including in Sahel countries. 

About IDC

Created in 2011 (www.idc-drilling.com/) is one of the leading African companies offering drilling services to the mining, construction, and water industries with four subsidiaries in West Africa (Senegal, Mali, Ivory Coast and Burkina Faso). IDC has been a member of the Senegalese Chamber of Mines (Chambre des Mines du Sénégal, CMDS) and the Côte d’Ivoire Chamber of Mines (Chambre Des Mines de Côte d’Ivoire, CDMCI) since 2011. 

About Adiwale Partners

Adiwale Partners (www.adiwale.com) is an independent private equity fund manager founded in 2016 and based in Abidjan. It manages Adiwale Fund I, a 60 million euros fund. Adiwale Fund I offers growth capital and operational support to mid-size companies looking to strengthen their core activities and expand in West Africa and beyond. The fund invests primarily in consumer goods and services, business services and manufacturing.