Adenia Partners, one of the oldest Africa-focused private equity firms that has hit the road to raise its next fund, has inked its fifth deal of the year as it has almost wrapped up investments from the current fund.
It has partnered with Proparco, the private sector financing arm of Agence Française de Développement Group (AFD Group), to buy Overseas Catering Services (OCS), a leading corporate catering and related services provider in Africa and the Middle East. Financial terms of the transaction were not disclosed.
The Capital Quest had first reported the impending transaction in July. Adenia, which is positioned as a mid-market buyout-focused PE firm, has been striking deals in the €25-35 million range. Since it is also roping in a co-investor the actual transaction could potentially be bigger than that range.
OCS was established in 2009 by François Bonnot and René Lancien, founder of Ansamble Group, a leading caterer in France. OCS offers corporate catering services under the brand Ansamble to more than 180 clients across five countries: Morocco, Côte d’Ivoire, Senegal, Mauritania and UAE.
It has grown to become the second largest catering player in Morocco, employing 3,300 people across the organisation. Earlier this year, OCS acquired Proxirest, the fifth largest caterer in Morocco. In addition to its core catering services, the group offers cleaning services in Senegal under the Alizés brand, childcare services in Morocco under the A Deux Pas brand, and operates the Brioche Dorée and La Croissanterie franchises in Morocco.
The investment, which is Adenia’s first in Morocco, will support OCS’s organic and external growth and deliver on the management team’s objective to develop a leading platform in the catering and facilities management market.
Stéphane Bacquaert, Managing Partner at Adenia, said: “We are thrilled to open our Morocco office and establish our presence in the country with the acquisition of OCS. It is a fast-growing company with an already strong brand and a loyal base of customers. The company has considerable potential for further growth as well as strong impact potential.”
Last month, it struck its fourth deal as it acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a leading grower of premium fresh-cut roses in Kenya. It also co-led the $130 million round with African Infrastructure Investment Managers for new telecom tower firm Eastcastle.
Adenia also acquired Kenyan-headquartered Africa Biosystems Ltd (ABL), a distributor of life sciences and clinical diagnostics equipment in East Africa and also struck its first deal in South Africa by purchasing a majority stake in Herholdt’s, a distributor of low-voltage electrical products and solar products.
Jérémie Ceyrac, Head of Private Equity at Proparco, added, “We are convinced that OCS has what it takes to keep playing a leading role in its home market of Morocco and to expand beyond, especially across sub-Saharan Africa, where the prospects for the catering services business are bright.”
Stephane Bacquaert and Christophe Scalbert, Partner, will represent Adenia on the board of OCS. Proparco will be represented by its Senior Investment Officer- Private Equity, Daniel Outré.
Asafo & Co. (legal) and Deloitte (financial and tax) were the advisors for the transaction for Adenia. OCS’ advisors were Lext (legal) and KPMG (commercial, financial) while Proparco was advised by Taylor Wessing (legal).
– CapitalQuest