Amethis invests in Afriwara – West Africa
Amethis invests in Afriwara, dynamic player in consumer goods in West Africa. Partnership will help accelerate the company’s organic and external growth strategy
Amethis, a leading African investment firm is pleased to announce the acquisition of a minority stake in Afriwara Group, a key player in confectionery and biscuits in West Africa. For Afriwara, this partnership is a strategic move to boost its ambitious development plan, including expansion through acquisitions in West Africa.
Afriwara, a Key Player in Confectionery and Biscuits in West Africa
Afriwara operates in Côte d’Ivoire since 1973 through its subsidiary SNCV, and in Ghana since 1990 through Royal Sweet. The group produces and distributes sweets, gums, biscuits, and chips in two local production sites in Abidjan and Accra. Afriwara is now regarded as the key reference in the market with iconic brands such as Waraba, Pecto, Double Bubble, Akono, Best One, Croxy.
A partnership which serves the Ambitious Development Strategy of Afriwara
Amethis is investing at a turning point of Afriwara’s equity story. The group aims to become a regional platform of packaged food products through the expansion of its distribution network at a local level and regionally through acquisitions. This transformation will also be supported by continuous innovation in order to diversify the product line.
“We are delighted with this partnership with Amethis. This joint collaboration will allow us to accelerate our growth and our development thanks to the operational support offered by Amethis, their strong network in the region, and a strengthened capital base to accelerate our growth. ” commented Julien Achcar, CEO of the Group.
Cédric Bellanger, Managing Partner and CFO of the group also commented: “Afriwara has a different approach to the African market by combining quality products with a strong focus on local taste and usage – which I believe is strongly appealing to our local West African consumers. The Partnership with Amethis will help to expand further our businesses locally and in the region and to ensure that Afriwara remains at the leading edge of the packaged food categories.”
Beyond financial contribution, Amethis will strongly support Afriwara’s development plan
In addition to financial contribution, Amethis intends to actively support the group’s ambitious development plan by the identification of acquisition targets in the sub-region and facilitating access to its international network of investors and new sources of funding. Amethis also aspires to support the group in its stated desire to strengthen its governance and improve its environmental and social standards. Lastly, it is noteworthy to mention that the group will benefit from the expertise of all Amethis portfolio companies as well as potential synergies.
“Afriwara meets all our investment criteria: a fast-growing group, leading market positions and a strong business model based on the solid megatrends of the rapid expansion of the middle class and increasing consumption in West Africa. We are convinced that our experience as well as our regional network will be major assets in the acceleration of the development of Afriwara. We are keen to support Julien Achcar and his management team in the future growth of the group” said Jean-Sébastien Bergasse, Partner at Amethis
“This operation is a great opportunity for Amethis to play a major role in the development of a regional platform in packaged goods. Thanks to this partnership, the story of Afriwara takes a new turn ” commented Hamada Touré, Investment Director at Amethis
About Amethis – Created in 2012 by Luc Rigouzzo and Laurent Demey, former heads of Proparco, in partnership with the Edmond de Rothschild Group, Amethis’ team is composed of experienced investors who dedicated their careers to long-term investment and advisory services on the African continent. Amethis positions itself at the center of a network of investors, corporates and public and private financial institutions, sharing a reputation of professionalism and integrity.