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 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.