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Amethis makes foray into Senegal with NMA acquisition

Anna Lyudvig
Feb. 2, 2021, 10:35 p.m.
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Amethis has acquired a minority stake in Nouvelle Minoterie Africaine (NMA), a leading FMCG company in Senegal, which produces and distributes poultry and livestock feed, pasta and wheat flour.

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Amethis has acquired a minority stake in Nouvelle Minoterie Africaine (NMA), a leading FMCG company in Senegal, which produces and distributes poultry and livestock feed, pasta and wheat flour.

The investment represents Amethis's first transaction in Senegal.

Founded in 2000 by the late Ameth Amar, successful Senegalese entrepreneur, NMA has rapidly grown thanks to an organic growth, combined with the acquisition of Moulins Sentenac in 2015.

NMA is a key player in the Senegalese industrial landscape both in terms of size and brand recognition.

In 2019, Amethis was finalizing the transaction, when the late Ameth Amar passed away on July 22.

In 2020, the Amar family renewed its trust in Amethis, expressing its will to resume the transaction.

Following this transaction, Amethis becomes NMA first external shareholder.

Hamada Touré, Amethis Investment Director, said: “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.”

Papa Madiop Amar, NMA Chairman, said: “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.”

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”.

Luc Rigouzzo, Amethis founding partner, concluded: “Amethis is proud to support NMA in the continuation of Ameth Amar vision, who always ambitioned to turn his company into a regional leader.”

KPMG Paris and PWC Dakar advised Amethis on the financial and taxes due-diligences, while OnpointAfrica Abidjan advised Amethis on the commercial due-diligence.

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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