• Proparco and RMBV take minority stake through $91 million capital increase
• Funds to support industrial expansion and West Africa growth
• Group keeps control while bringing in strategic investors

Proparco and RMBV announced on March 25 the signing of an investment agreement with Moroccan group Africa Feed & Food (AFF). The deal takes the form of a capital increase of 850 million dirhams, about $91 million, with no sale of existing shares.

Through the North Africa-focused RMBV III fund, Proparco—the private sector arm of the French Development Agency (AFD)—and investment firm RMBV will acquire a minority stake in AFF. The transaction allows the group to raise fresh capital while maintaining control in the hands of its existing shareholders.

“The acquisition of a stake in our company by RMBV and Proparco marks a major milestone in AFF’s development. Beyond the financial resources it brings, this transaction connects us with leading partners who share our ambition to build a high-performing agro-industrial group committed to responsible and sustainable development,” said Ahmed Chermati, chief executive of Africa Feed & Food.

Founded in 1978, the group operates across the full value chain of cereals and poultry in Morocco. It relies on around twenty subsidiaries organized into six business units covering grain imports, industrial processing, and poultry production.

This structure is built on vertical integration, from sourcing raw materials to processing and distribution.

The new funds will be used to expand AFF’s industrial capacity in Morocco, strengthen integration across its operations, and extend its footprint in West Africa, particularly in Senegal and Mauritania. The move reflects the group’s ambition to scale up in a context shaped by growing food supply challenges.

Ecovis Advisory acted as financial adviser on the deal, while Asafo served as legal counsel. The transaction remains subject to regulatory approvals, including clearance from Morocco’s Competition Council.

Chamberline Moko