Adenia and Proparco acquire Overseas Catering Services

06 Dec 2021

Adenia Partners, a private equity firm investing in Africa, 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.

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. Adenia and Proparco will work closely with the company to apply best-in-class business and ESG practices.

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. OCS has an important role to play in the sustainable food production system through the delivery of nutritious food to key public institutions, including schools, universities and hospitals. We look forward to working with the management team to further develop the company and to raise catering and facilities management standards across our geographies.”

“Proparco is delighted to contribute, with Adenia, to the development of OCS,” said Jérémie Ceyrac, Head of Private Equity at Proparco. “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. We also value the impact story of the OCS group, especially in terms of job creation and through the enhancement of the living conditions of the populations it serves in industrial companies, schools, hospitals and prisons alike. We believe Proparco and Adenia’s complementary expertise will help OCS achieve both financial performance and high environmental and social standards and turn it into an African leader.”

“We are delighted to partner with such experienced investors as Adenia and Proparco,” said Overseas Catering Services CEO, Francois Bonnot. “Both firms have enviable track records of investing in and developing successful companies and creating lasting value. With their expertise and guidance, we believe we can meet the highest industry and ESG standards, and take OCS to the next level.”

Stephane Bacquaert and Christophe Scalbert, Partner, will represent Adenia on the board of OCS. Proparco will be represented by Daniel Outré, Private Equity Senior Investment Officer.

The advisors for the transaction were Asafo & Co. (legal) and Deloitte (financial and tax). The sponsor’s advisors were Lext (legal) and KPMG (commercial, financial). Proparco was advised by Taylor Wessing (legal).

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About Overseas Catering Services

Created in 2009, Overseas Catering Services (OCS) is a leading corporate catering and related services provider in Africa and the Middle East. The group’s core catering business, offered under the Ansamble brand, serves over 180 clients across five countries: Morocco, Côte d’Ivoire, Senegal, Mauritania and UAE. It is the second largest catering player in Morocco, with 3,300 full time employees across the group serving around 180,000 meals per day. OCS also provides 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.

For more information, please visit: www.ansamble-int.com 

About Adenia

Adenia Partners is a private markets investment firm committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has successfully raised US $500 million across 4 funds. Adenia has a proven track record of strong and consistent performance with 31 platform investments executed and 16 realised exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, while benefiting workers, communities, and companies in Africa.

For more information, please visit: www.adenia.com

About Proparco

Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has been promoting sustainable economic, social and environmental development for over 40 years. Proparco provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education.

Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change. For a World in Common.

For further information: www.proparco.fr and @Proparco

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