• Investment firm Phatisa has sold its majority stake in Zambia’s egg producer Goldenlay.

• Belgian animal feed company Vanden Avenne acquired the shares, marking its entry into Zambia’s poultry sector.

• The exit reflects Phatisa’s strategy of rotating investments after scaling agricultural businesses.

Investment firm Phatisa announced on March 4 that it has sold its majority stake in Copperbelt Agri Holdings Limited, the parent company of Zambia’s egg producer Goldenlay.

The transaction also marks the exit of AgDevCo, an impact investor focused on financing agricultural projects across Africa. Financial terms of the deal were not disclosed.

Phatisa first invested in Goldenlay in 2012 through the African Agriculture Fund, a private equity vehicle created to support companies operating across Africa’s agricultural value chains.

Over the course of its 14-year investment, Goldenlay expanded large-scale egg production in Zambia and strengthened its poultry farming operations. The company also invested in animal feed production and developed a nationwide distribution network.

According to Goldenlay’s management, the financial and operational support provided by Phatisa helped increase production and sustain operations despite challenges in the agricultural sector, including volatility in feed costs and disease risks in poultry farming.

The shares held by Phatisa and AgDevCo were acquired by Vanden Avenne, a Belgium-based company specializing in animal feed manufacturing. With the acquisition, Vanden Avenne enters Zambia’s poultry production sector directly.

The group and Goldenlay’s management said they plan to invest in expanding production capacity, modernizing facilities, and strengthening the company’s distribution network.

A Strategic Exit for Phatisa

The sale of Goldenlay aligns with Phatisa’s strategy of rotating assets after supporting the growth of portfolio companies.

The transaction comes just weeks after the firm announced the first closing of its Phatisa Food Fund 3, an investment vehicle focused on Africa’s food and agriculture sector. The fund reached $86 million at its first closing.

The fund has already completed its first investment in Zaad Group, a platform involved in the production and distribution of seeds and crop protection products across Africa.

For Phatisa, the exit from Goldenlay highlights the fund’s ability to support the growth of an agricultural company and then attract an industrial investor capable of continuing its development.

Chamberline Moko