Asafo & Co. Advised Africa Feed & Food On Capital Increase By RMBV And Proparco
Asafo & Co. advised Africa Feed & Food on capital increase by RMBV and Proparco
The leading international law firm with a specialized focus on the African continent, Asafo & Co. advised Africa Feed & Food (AFF) on its capital increase to the benefit of RNAF III, a major North African investment fund managed by RMBV, and Proparco, the private sector financing arm of Agence Française de Développement.
The transaction involves a MAD 850 million (approximately USD 90 million) capital increase representing a minority stake acquisition by RMBV and Proparco in the Moroccan agro-industrial group, while preserving the founding Essalehi family’s controlling interest. The investment is structured exclusively as a capital increase, with no sale of existing shares.
Africa Feed & Food, founded in 1978, is a leading integrated agro-industrial group with operations in Morocco and a growing presence in West Africa, including Mali, Mauritania, and Senegal. The proceeds from the investment will be utilized to strengthen AFF’s production capacity in Morocco, diversify into high-potential segments of the agri-food value chain, and accelerate the group’s expansion across sub-Saharan Africa.
The transaction remains subject to regulatory approvals, including clearance from the Moroccan Competition Council.
The Asafo & Co. team was led by Patrick Larrivé (Partner), with support from Kamil Zizi (Senior Associate) and Shagufta Ashfaq (Associate).
Asafo & Co. is a specialized international law firm established in 2019 that focuses exclusively on Africa-related business. It operates with a unique "pan-African" model, positioning itself as a bridge between international legal standards and deep local expertise on the continent.
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