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 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 Enko Capital and Netis founders in the sale of a majority stake in Netis Group, a leading telecom network service provider

Netis Group

In 2018, Enko Capital Managers invested in Netis through the Enko Africa Private Equity Fund (EAPEF), a private equity fund targeting mid-cap companies across Africa. 

Founded in 2009, Netis is a major pan-African telecom infrastructure service provider headquartered in Morocco with subsidiaries in 15 African countries. It offers a comprehensive range of products and services, from maintenance of telecom towers to fiber optics deployment and installation of power and energy saving solutions.

Enko Capital Managers sold its majority stake in the Netis group to a consortium jointly led by two pan-African private equity fund managers, Amethis and Africinvest. The consortium was joined by two leading development finance institutions, Proparco and IFC.

This majority buyout will enable the founders of Netis to unlock new growth levers and keep expanding throughout Africa.

About Enko Capital

Enko Capital group is an Africa-focused asset management firm with over $900min assets under management, and with offices in London, Johannesburg, Abidjan, Kigali and Yaoundé. It notably manages the Enko Africa Private Equity Fund (EAPEF), a private equity fund targeting mid-cap companies across Africa. 

About Amethis Finance

Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €725m. Amethis has been created through a partnership with the Edmond de Rothschild Group. Amethis brings growth capital to promising mid-cap champions in a diversity of sectors throughout the African continent. 

About Africinvest

AfricInvest is a leading pan-African investment platform active in multiple alternative asset classes including private equity, venture capital, private credit, blended finance, and listed equities. Over the past 25 years, it has raised more than $2bn to finance more than 200 companies.

Enexus acted as M&A advisor to Ciel Healthcare in the acquisition of Centre Technique Biomédical (CTB), a biomedical group in Madagascar

Acquisition of CTB

This acquisition is in line with the expansion strategy of Ciel Group, which has been operating for many years in the Malagasy financial and textile industries. The acquisition of CTB will enable C-Care to expand its activities in Madagascar and further develop the healthcare industry locally. 

About C-Care

Founded in 2008, C-Care is a leading provider of medical care in Mauritius and the Indian Ocean. The Group owns and operates four health facilities in Mauritius, two hospitals in Uganda, a medical laboratory and two pharmacies

About CTB

Founded in 2010, CTB is a leading biomedical group in Madagascar. With three laboratories and a blood test centre, CTB has played a key role in improving access to biomedical care for the Malagasy population.

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& advisor to Groupe Castel in the sale of its water bottling activity in Ivory Coast to Carré d’Or

Sale of Castel

Founded in 1949, Groupe Castel is one of the main producers and distributors of beer and soft drinks on the African continent. Awa and Cristaline, which have been produced and distributed by Solibra, Castel’s subsidiary in Côte d’Ivoire, since the early 2000s, have established themselves as leading brands on the Ivorian market. The takeover by Carré d’or, a major player in the agri-business industry in Ivory Coast, paves the way for a regional player to build on the momentum achieved by Solibra and pursue Awa and Cristaline’s expansion in the region. 

About Groupe Castel

Founded in 1949, Groupe Castel is the leading producer and one of the main distributors of wine in France. The group is also one of the main producers and distributors of beer and soft drinks on the African continent. 

About Carré d’Or

Founded in 1988, Carré d’Or is a major player in the agri-business industry in Ivory Coast. The group is also active in logistics and manufacturing. With its six subsidiaries, Carré d’Or is one of the largest private groups in Ivory Coast.

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 Kibo fund in the sale of its shares in I&M Rwanda

Enexus has advised Kibo, the Mauritius-based private equity fund, in the sale of its shares in I&M Rwanda to Mr Egide Gatera. 

Founded in 1963 as Banque Commerciale du Rwanda and acquired by I&M Group in 2012, I&M Rwanda is the second largest bank in Rwanda. With this investment, Mr Gatera indirectly becomes the third largest shareholder of I&M Rwanda, after I&M Group and Africinvest. Mr Gatera, one of the prominent entrepreneurs in Rwanda, operates in various industries, ranging from petroleum distribution to agribusiness and finance. His experience of the Rwandan economy will prove a valuable support to I&M Rwanda. 

About I&M Group

I&M Group is a leading East African banking group listed on the Nairobi Stock Exchange. The group’s main presence is in Kenya, with subsidiaries in Rwanda, Uganda, Tanzania and Mauritius. I&M Group  

About Mr Egide Gatera

Mr Egide Gatera is a leading businessman with diversified interests in Rwanda and East Africa. He is the founding shareholder of the oil company SP (Société Pétrolière) and the agribusiness company Rwanda Mountain Tea. Mr Gatera also holds diversified interests in the banking and insurance industries in Rwanda, as well in real estate, tourism and energy.

About Kibo fund

Kibo Capital Partners is a private equity management company, with two funds under management with assets totalling USD 100 M. Kibo funds target growth companies in Eastern and Southern Africa and the islands of the Indian Ocean. Kibo fund  

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.

Enexus acted as M&A advisor to SOGEDI, the leading producer and distributor of industrial gas in Guinea, in its sale to Elton Oil International

Founded in 1952, SOGEDI is the oldest and largest company producing and distributing industrial gas in the Republic of Guinea. Supported by Guinea’s growth prospects, especially in the bauxite and iron mining industries, SOGEDI should consolidate its position and rapidly emerge as a regional player. The takeover by Elton Oil International, a leading petroleum products distributor in West Africa, will support SOGEDI’s growth while maintaining the highest standards of safety and reliability.

Enexus has advised the sole shareholder of SOGEDI in its sale to Elton Oil International. Through a well-structured sell-side M&A process, the transaction ensured a seamless ownership transition while preserving operational standards.

About SOGEDI

SOGEDI produces and bottles oxygen, nitrogen and acetylene, and distributes argon, carbon dioxide and other rare gases. Its customers are mainly mining companies and their subcontractors, as well as bottling companies.

About Elton Oil International

Founded in 2000, Elton Oil International distributes petroleum products in Senegal, Côte d’Ivoire, Mali, Guinea and Guinea-Bissau. Elton Oil International is a subsidiary of SAGAM, a leading West African player in security services – cash transport, electronic security, means of payment and private guard services. Elon Oil International   Sagam International