SENEGAL – Amethis, an investment fund manager dedicated to the African continent has made its first transaction in Senegal with the acquisition of a minority stake in one of the country’s leading FMCG company, Nouvelle Minoterie Africaine (NMA).
NMA founded in 2000, produces and distributes animal feed, pasta and wheat flour and has rapidly grown thanks to an organic growth, combined with the acquisition of Moulins Sentenac in 2015.
Its daily production capacity is 400 tons for the feed plant, 250 tons for the mill and 55 tonnes for pasta.
NMA is a key player in the Senegalese industrial landscape both in terms of size and brand recognition with known products such as the Khonte livestock feed brand and Pastami pasta brand.
The transaction between Amethis and NMA was first initiated by the late founder Ameth Amar in 2019 but stalled with the passing on of Mr. Amar.
“The partnership freshly signed with Amethis expressed the late Ameth Amar vision of turning NMA into a leading food player in Senegal and across West Africa.”Thiendiaté Bouyo Ndao – NMA CEO
However, in 2020, the Amar family renewed its trust in Amethis, expressing its will to resume the transaction.
“The finalization of this transaction is possible thanks the excellent teamwork between Amethis, the Amar family and NMA management team.
“I am grateful to the late Ameth Amar and Amar Family for their trust. We look forward to creating value alongside the Amar family and NMA management team with the shareholder and the management,” Hamada Touré, Amethis Investment Director, said.
Following this transaction, Amethis becomes NMA first external shareholder.
KPMG Paris and PWC Dakar advised Amethis on the financial and taxes due-diligences, while OnpointAfrica Abidjan advised Amethis on the commercial due-diligence.
“I am proud of the finalization of this transaction. This is in line with our DNA to establish win-win partnership which will add value to NMA. Indeed, with regards of the current uncertain macro-economic environment, NMA has made the decision to pursue its development through a partnership desired by the late Ameth Amar and in line with his vision.
“This partnership will also benefit to NMA clients, employees, suppliers, and the Senegalese industry landscape. Last but not least, I would like to express my deep gratitude to the heirs of Ameth Amar and to NMA team, which consistently contributed to the realization of this transaction,” Papa Madiop Amar, NMA Chairman, said.
Thiendiaté Bouyo Ndao, NMA CEO, added, “The partnership freshly signed with Amethis expressed the late Ameth Amar vision of turning NMA into a leading food player in Senegal and across West Africa.
“We have worked very hard towards this goal under his leadership and are delighted that the Amar family, along with NMA team, closed the transaction.”
The Cabinet CABEX Sénégal (Member of Andersen Global), represented by Cherif Diaité a M&A specialist, was the legal counsel of the Amar Family and Maitre Jean Jacques LECAT, lawyer, member at the Paris Bar, specialized in the African financial transactions, advised Amethis.
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