Asafo & Co with AFIG Funds in acquisition of Nouvelle Mici-Embaci

Asafo & Co. provided legal services to Advanced Finance and Investment Group (“AFIG Funds”) on its acquisition of Nouvelle Mici-Embaci (“NME”) from Holea Holding, the parent company of Groupe Carré d’Or, an agro-industrial conglomerate in Ivory Coast.  

AFIG Funds successfully secured the necessary funds for the acquisition through a unique leveraged financing structure, marking a significant milestone in the region. The loan financing was provided by Bridge Bank Group Côte d’Ivoire (BBG-CI) and Mauritius Commercial Bank (MCB), while AFIG Funds partnered with Norfund as an equity co-investor to form an equity consortium, allowing them to assume full control of NME. 

Under the leadership of AFIG Funds and Norfund, the acquisition provides an opportunity for NME to modernize its business model and implement a sound regional growth strategy. 

Asafo & Co. provided comprehensive legal advice to AFIG Funds throughout the acquisition process, covering various aspects including the co-investment with Norfund and the loan financing arrangements with BBG-CI and MCB. The team was led by partner Patrick Larrivé (pictured) who was assisted by associate Martin Van Box Som as well as Of Counsel Charlène Ntsiba, and associates Donatien Michel, Souhail Sassi and Emmanuel Tiecoura.