Singapore, March 4, 2024 – Olam Agri, a global leader in the agribusiness sector, specializing in food, feed, and fibre, has announced the completion of its acquisition of Avisen SARL, Senegal’s second-largest poultry feed supplier, for EUR 17.0 million.
This strategic move marks a significant expansion of Olam Agri’s animal feed and protein operations into West Africa, reinforcing its commitment to strengthening its footprint in the region.
The acquisition, which secures Olam Agri 100% ownership of Avisen, is a part of its broader strategy to bolster its animal feed capabilities and invest in businesses with strong market positions.
Avisen, known for its high-quality feed production, adds considerable value to Olam Agri’s portfolio by generating synergies with its existing wheat milling operations in Senegal.
Founded in 2000 by two veterinarians, Avisen has grown into a major player in Senegal’s feed market, with its facility in Rufisque producing over 100,000 metric tons of feed annually.
“Avisen’s reputation for quality, efficient distribution, and technical support makes it a perfect match for Olam Agri’s global sourcing and manufacturing expertise. This partnership will enhance feed quality and cost efficiency in Senegal, supporting the growth of the poultry sector and contributing to long-term food security,” said Sharad Gupta, President of the Integrated Feed & Protein business at Olam Agri.
Papa Seck, CEO of Avisen, expressed optimism about the acquisition, noting Olam Agri’s capacity to bring industry best practices and experience from other markets to Avisen. “Olam Agri’s involvement will significantly contribute to developing a sustainable local animal feed industry, ensuring food security for Senegal,” Seck added.
Olam Agri has been a significant player in Senegal’s agribusiness sector for nearly a decade, particularly known for its wheat milling operations in Dakar. The acquisition of Avisen is funded through a mix of existing cash and debt facilities and is expected to be earnings accretive from 2024 onwards. – BusinessNewsCanada.com