Phatisa has sold its majority stake in Copperbelt Agri Holdings the holding company of Goldenlay, Zambia’s largest table‑egg producer, to Vanden Avenne Group, a Belgian integrated feed and protein manufacturer.  

AgDevCo, a long-term debt provider to Goldenlay, is also exiting as part of the transaction.  

Financial terms of the transaction are undisclosed.

Phatisa's African Agriculture Fund (AAF) concluded its investment of $24m in Goldenlay in early 2012.

Phatisa provided a strategic focus to expand the company’s egg-production and distribution channels to tap unserved sectors of the domestic and regional market. In addition to the increase in the company’s production capacity, Phatisa has focused the company’s effort to secure its raw materials and upgrade its facilities. 

This exit, with one asset remaining in the Fund, demonstrates Phatisa’s ability to attract long-term strategic investors to mid-market African agribusinesses. 

The exit follows the recent first close of Phatisa Food Fund 3 at $86m and the signing of its first investment, underscoring continued investor confidence and momentum across the platform as Phatisa advances its next phase of deployment in the African food and agribusiness value chain.

Martin Kromat (pictured), Senior Partner at Phatisa, said: “Our journey with Goldenlay reflects AAF’s strategy of backing proven African food businesses to deliver attractive financial returns as well as impact. Under the leadership of Fletcher and the team, and alongside AgDevCo as a supportive and growth-oriented lender, we have helped to build Zambia’s leading egg producer serving all consumer segments. We are confident that Vanden Avenne is the right long-term partner to support Goldenlay’s continued growth.”

Goldenlay is a fully integrated table egg producer based in Zambia’s Copperbelt province, combining large-scale production, upstream feed farming and a nationwide route-to-market serving retail, informal trade and selected regional exports.

Management will reinvest alongside Vanden Avenne, ensuring continuity and alignment as the company enters its next phase of growth.

Since AAF’s investment in 2012, Goldenlay has scaled to approximately 600,000 laying hens, strengthened feed integration through maize and soya farming, and built a distribution model serving both formal and base-of-the-pyramid markets, enhancing resilience and diversifying its customer base.

The transaction brings together Goldenlay’s established market position with Vanden Avenne’s longstanding expertise in feed, meat and vertically integrated animal protein value chains. Founded in 1889, Vanden Avenne combines multi-generational family ownership with deep technical and operational capabilities. 

Together, the partners are well positioned to invest further in productivity, capacity and route-to-market expansion, while maintaining a strong focus on quality, biosecurity and local employment.

Patrick Vanden Avenne, Chairman of the Vanden Avenne Group, said: “Goldenlay is an excellent fit with our family group’s long‑standing focus on feed and animal protein, combining a strong market position with an efficient business model. We are honoured to become shareholders alongside management and see significant opportunities to support Goldenlay’s continued growth, invest in its people and operations, and deepen its contribution to affordable protein access in Zambia and beyond. We look forward to a long‑term partnership with the Goldenlay team and stakeholders.”

Fletcher Broad, Managing Director of Goldenlay, added: “Over the past decade, Goldenlay has invested heavily in our people, our farms and our route-to-market to ensure that high-quality, affordable eggs reach households and businesses across Zambia and neighbouring countries. Phatisa’s support has been instrumental in enabling us to expand capacity, strengthen our operations and build resilience to overcome typical market and operating challenges. We are excited to partner with Vanden Avenne for the next chapter, and, together with our management and staff, remain committed to serving our customers, supporting local farmers and contributing to food security in the region.”

The acquisition comes at a time when food security, access to affordable protein and resilient local food systems remain central priorities across Africa. With its scalable production base and proven route-to-market, Goldenlay is well placed to continue playing a critical role in Zambia’s food system while expanding its footprint in attractive regional markets.

Bravura acted as corporate finance advisor to Phatisa and AgDevCo, and Bowmans as legal advisor.