Africa Feed & Food raises 850 million dirhams in minority stake deal with RMBV and Proparco

Thursday 26 March 2026 - 15:30

By: Dakir Madiha

Africa Feed & Food raises 850 million dirhams in minority stake deal with RMBV and Proparco

Africa Feed & Food has announced the signing of an investment agreement with RNAF III, a North African fund managed by RMBV, and Proparco, the private sector arm of the Agence Française de Développement. The deal involves a joint minority stake acquisition worth 850 million dirhams in the Moroccan agro-industrial group.

The transaction is structured entirely as a capital increase, with no transfer of existing shares. This arrangement allows the group to secure fresh resources to fund its growth while preserving family control over the business. All proceeds will be directed toward the group's development across three strategic priorities.

The first is strengthening its core operations in Morocco, through a significant expansion of production capacity in its established business lines. The second involves deploying new activities in segments deemed high-potential, extending the group's reach along adjacent links of the integrated agri-food value chain. The third is accelerating international expansion. Already present in sub-Saharan Africa, including Mali, Mauritania, and Senegal, Africa Feed & Food intends to consolidate its positions in those markets and open new operations abroad, betting on long-term structural demand across the African food sector.

Beyond financing, the deal also carries an institutional dimension. The entry of a private equity fund and a development finance institution is expected to accelerate improvements in governance, with the group highlighting upgrades to its management bodies and stronger transparency and compliance standards.

The involvement of RMBV and Proparco signals confidence in the resilience of Africa Feed & Food's business model and in the growth potential of Moroccan and sub-Saharan agro-industry. The transaction validates a business model built on vertical integration, territorial anchoring, and value creation across the full food chain.

Completion of the deal remains subject to standard regulatory approvals, including clearance from Morocco's Competition Council. Once finalised, the capital raise could mark the opening of a new chapter for the group as it seeks to scale up and assert a clearer presence across African markets.