Enexus acted as M&A advisor to minority investors led by Terra Mauricia and Kibo Fund in the sale of their stake in Orange Madagascar

After ten years supporting Orange’s growth in Madagascar, the consortium divested its 16% stake in Orange Madagascar

About Orange Madagascar

As Madagascar’s long-standing operator, Orange holds a dominant position in the voice and data segment, both for individuals and businesses, and has become one of the leading players in digital finance through the subsidiary Orange Money Madagascar. With an estimated 9% growth over the next few years, the Malagasy telecom market is expected to be one of the most dynamic in Africa, especially in the B2B segment, which is benefiting from Madagascar’s growing attractiveness as a BPO destination.

About Terra Mauricia

Terra Mauricia is a Mauritian conglomerate founded in 1838 and listed on the Stock Exchange of Mauritius. Originally operating in the sugar industry, the group has gradually diversified into energy, distribution, real estate, construction, tourism and financial services.

About Kibo Capital Partners

Kibo Capital Partners is a private equity asset manager targeting growth companies in Eastern and Southern Africa and the islands of the Indian Ocean.

CTB

acquisition ctb

Expanding quality healthcare across the Indian Ocean: the acquisition of Madagascar’s CTB network by C-Care

A rare opportunity in a small but coveted healthcare market

C-Care is a leading healthcare group in the Indian Ocean, and the undisputed leader in Mauritius with a market share of close to 50%. As a subsidiary of CIEL, one of the largest Mauritian conglomerates, the group operates across hospitals, specialized clinics, medical laboratories, and imaging centers. True to CIEL’s tradition of long-term and structured growth, C-Care has defined a clear regional expansion strategy across the Indian Ocean and East Africa, with the ambition of becoming one of the reference healthcare groups in Africa. In this context, Enexus acted as the exclusive M&A advisor on a highly strategic regional healthcare mergers-and-acquisitions transaction.

Madagascar was a natural market for this expansion. Despite pressing healthcare needs, the private sector remains small and fragmented, with few structured operators. Yet the market is increasingly sought after, with several regional and international investors on the lookout for acquisitions. In such a context — few targets, many suitors — identifying and securing the right partner was a significant challenge. 

CIEL Group mandated Enexus to support its entry into Madagascar through an acquisition strategy. Following an extensive screening of the market, Enexus identified CTB, a network of medical biology laboratories founded and developed by Mr. Philippe Poncelet. Despite competition from other strategic buyers, C-Care and Enexus demonstrated that their offer combined financial strength with the best continuity for CTB’s long-term vision.

Bridging two worlds: a complex acquisition process

Finding the right target was only the first step. Making it work proved to be the real challenge. C-Care, a listed and structured company nearly 350 times larger than CTB, had to engage with a small and relatively unstructured laboratory network, with limited resources and little exposure to international M&A standards. This asymmetry created significant hurdles: quality and availability of information, preparedness for due diligence, and unfamiliarity with key transactional concepts such as, for instance, asset and liability guarantees.

To overcome these challenges, Enexus’ role had to extend beyond traditional buy-side advisory. We guided CTB towards suitable advisors and provided hands-on support: assisting in preparing information packages for due diligence, explaining the mechanics of a professional M&A process, analyzing competing offers, and ensuring that the seller could engage constructively — all while avoiding conflicts of interest. 

Success required a combination of in-depth knowledge of the Malagasy business environment, the ability to create trust between buyer and seller, and strong involvement from both C-Care and Enexus to fill the information gap. Thanks to close cooperation, pragmatic flexibility, and committed work from all parties, the transaction moved from first non-binding offer to completion in under six months – a testament to disciplined deal execution from start to finish.

A milestone for Madagascar’s healthcare sector

Following the acquisition, CTB was rebranded as C-Lab Madagascar, marking C-Care’s first step in the country. Beyond reinforcing local laboratory services, C-Lab now facilitates access to Mauritius for patients seeking advanced diagnostics, treatment, and surgery, creating new healthcare pathways for Malagasy patients.

Though modest in size, this transaction is strategically significant: it provides a platform for C-Care to expand into other healthcare segments in Madagascar and strengthens its role as one of the few structured, multi-country healthcare groups in Africa. By combining regional experience, strong governance, and the capacity to invest in quality care, C-Care is positioned to play a decisive role in developing healthcare services in Madagascar and across the continent.

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.