The private investment firm, Al Mada, which manages the wealth of King Mohammed VI of Morocco and the royal family, will acquire a majority stake in Patisen, a Senegalese food producer operating across Africa.
To facilitate this acquisition, Al Mada has established an international food subsidiary called Teralys. Teralys will focus on acquiring food and beverage companies operating in Africa, and it is the entity responsible for acquiring Patisen. However, the deal is still pending regulatory approval.
Founded by Senegalese entrepreneur Youssef Omaïs in 1981, Patisen started as a small trading business importing and selling flour to bakeries in Dakar and neighboring cities in West Africa. Over the past four decades, it has grown into a $200 million revenue FMCG conglomerate with more than 7,000 employees. The company boasts a portfolio of over 50 food product brands and has a strong presence in more than 40 countries.
“In a growing market with evolving consumption habits, the entrance of Teralys into Patisen’s capital will help solidify its leadership position in Senegal and across Africa, while accelerating its regional development,” Al Mada said in a statement.
Al Mada has been actively investing in Africa in sectors such as banking, construction, telecoms, mining, renewable energies, real estate, and retail in recent years.
Through Al Mada, King Mohammed VI of Morocco lays claim to the largest fortune by any Moroccan on the Casablanca Stock Exchange, estimated at $6.5 billion. He owns 49.59 percent of Attijariwafa, a Moroccan multinational commercial bank and financial services company. The value of his shares in Attijariwafa exceeds $4.5 billion.
His other assets in public-quoted companies include an 81.4-percent stake in mining company Managem, which is presently worth more than $1.6 billion, and an indirect 39.6-percent shareholding in Wafa Assurance, which is worth over $442.4 million.Â
