Avisen

M&A transaction Avisen

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.

Castel

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.

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 Touton in the sale of its palm oil business in Côte d’Ivoire to SIFCA

Sale of Touton

Touton Négoce Côte d’Ivoire, a leading cocoa trading company, sells its subsidiaries SAO and TCI, operating palm oil plantations in Abengourou, Zabeza and Soubré, to PALMCI, a subsidiary of SIFCA and the first producer of crude palm oil in Côte d’Ivoire.

With a presence in four continents, Touton has more than 175 years of experience in the trading of tropical agricultural raw materials. As one of the leading global players in the coffee and cocoa supply chain, the group has been playing a key role in structuring the cocoa industry in Côte d’Ivoire since the 1990’s. With this M&A transaction, PALMCI acquires 1,300 hectares of palm plantations, continuing its development strategy in the oilseed industry and increasing its crude palm oil production capacity to support food security in Côte d’Ivoire. 

About Touton

Founded in 1848 in Bordeaux, Touton is a leading player in the international trading and processing of tropical agricultural raw materials. The group started trading cocoa in 1950 and is now amongst the five top traders of cocoa and vanilla in the world. 

About PALMCI – SIFCA Group

A subsidiary of SIFCA, one of Côte d’Ivoire’s major agribusiness groups, since 1997, PALMCI operates palm oil plantations and produces crude palm oil and palm kernel oil. It operates over 40,000 hectares of industrial plantations and sources from 30,000 smallholder planters. PALMCI is listed on the Bourse Régionale des Valeurs Mobilières (BRVM).

Enexus acted as M&A advisor to Groupe Sahel in its fundraising with Forafric, leading to a majority stake in a landmark African cross border transaction

Founded in 2011 by Malian entrepreneur Houd Baby, Groupe Sahel has quickly become a key player in cereal processing in the Sahel region. With a production capacity of 600 tonnes per day through its subsidiaries in Mali, Burkina Faso and Niger, the Group is the only player in the region producing in three different countries. Groupe Sahel has drawn on its local roots and experienced management to build strong brands, such as Lafia, its flagship brand in Mali.

This operation combines the local expertise of Groupe Sahel with the century-old know-how of the Moroccan leader Forafric. This new partnership will enable Forafric to expand in West Africa, while strengthening Groupe Sahel’s production capacity and diversifying its product offering. Together, Groupe Sahel and Forafric aim to play a leading role in addressing the  growing food demand in the Sahel. 

About Groupe Sahel

Groupe Sahel is a company founded in 2011 and specialised in the processing of cereals. The Group operates in Mali, Niger and Burkina Faso and aims to expand in other West African countries under the brand LAFIA with its slogan “Feeding Africa together”.

About Forafric

Forafric, founded in 1926, is a leading agribusiness company in Africa with activities in Morocco and sub-Saharan Africa. With 12 industrial units and two logistics platforms, Forafric is the largest milling company in Morocco, producing a complete range of flour and semolina, as well as transformed products such as pasta and couscous. Forafric exports to more than 45 countries. Pursuing ambitious expansion plans in both Morocco and sub-Saharan Africa, the Group is playing an increasing role in fulfilling Africa food security needs.

Enexus acted as M&A advisor to Philafrica Foods, the South African investment company, in the sale of its cassava processing unit in Ivory Coast

Enexus has advised Philafrica Foods, an AFGRI Group’s investment vehicle specialised in food processing in Africa, on the sale of its cassava processing unit in Ivory Coast. 

This cassava processing unit aims to produce local starch as an alternative to imported corn starch used in the food industry. Certified ISO 22 000, the plant has a production capacity of nearly 500 tons per month that should meet the growing interest of the food industry for these products.

As part of this sell-side mandate, the transaction ensured a smooth transfer of the asset and supported the continuation of its industrial development.

About Philafrica Foods

Philafrica Foods is an investment company involved in food processing in Africa. Philafrica Foods invests to expand local sourcing and production across the continent by setting up new production sites or partnering with existing companies in Africa. Philafrica Foods belongs to AFGRI Group.

Groupe Sahel

capital raise groupe sahel

Bringing Africa’s economies closer together: Groupe Sahel’s equity raise and the takeover of Morocco’s Forafric group

A succession story

Founded in 2011 by Malian entrepreneur Houd Baby, Groupe Sahel has quickly become a key player in cereal processing within the Sahel region. With a production capacity of 600 tons per day and subsidiaries in Mali, Burkina Faso, and Niger, the group stands out as the only regional player operating across three different countries. Leveraging local roots and experienced management, Groupe Sahel has built strong brands, including Lafia, its flagship product in Mali. To support the next phase of scale and governance transition, the group engaged Enexus as financial advisor for an equity capital raise. 

Founded in 1926, Forafric is a leading agribusiness company in North Africa. With seven industrial units, Forafric is Morocco’s largest milling company, producing a comprehensive range of flour and semolina, as well as processed products such as pasta and couscous. With only a limited presence in sub-Saharan Africa, Forafric had been seeking the right opportunity to launch its ambitious long-term African investment strategy. 

To consolidate Groupe Sahel and address succession planning simultaneously, Mr. Houd Baby’s intentions provided Forafric with an ideal opportunity. As a result, Forafric completed majority investments in 2021. 

Multiple objectives for a complex transaction

This transaction combined capital infusion—to restructure debt and finance a capex plan—with a succession solution. Control was transferred to Forafric, while Mr. Baby remained involved in governance as a minority shareholder. Structuring the deal to align interests, prioritize company needs, and address the complexities of an unstable Sahelian environment made this transaction both unique and challenging. It also illustrates how growth capital can work alongside strategic mergers and acquisitions to secure continuity while enabling expansion.

A major transaction for food security in the sahel

Ensuring food security is essential for countries in the Sahel. For decades, demand for cereals has grown steadily, driven mostly by demographic expansion. Regional millers must reach critical size to benefit from economies of scale and diversify their product offering. This transaction positions Groupe Sahel to achieve that scale. By combining the financial strength and expertise of a leading Moroccan company with the agility and local market knowledge of a regional miller, this partnership represents the right formula for building a regional champion.