Adenia and Proparco to Sell OCS Group’s Activities in Morocco and Senegal

CASABLANCA, Morocco--(BUSINESS WIRE)--Adenia Partners (“Adenia”), a leading private equity firm in Africa, together with Proparco, has signed an agreement to sell OCS Group’s operations in Morocco and Senegal to a consortium led by Morocco’s Retail Holding, alongside pan-African investment fund Amethis.

Founded as a catering operator in 2009, OCS established itself within a decade as one of the two leading players in the Moroccan market, before diversifying its activities by integrating a comprehensive Facility Management (FM) offering. The Group operates under the brands Ansamble and Proxirest for catering, and Artis Facilities in Morocco and Alizés in Senegal for facility management.

Since Adenia and Proparco’s investment in 2021, the Group has experienced very strong growth, doubling in size, while undergoing a significant institutional and operational transformation. This period was marked by strengthened governance, the appointment of a new management team led by Nicolas Belleteste, the expansion into facility management services through the acquisition of Artis in 2023, and a strategic refocus around core activities in Morocco and Senegal. In addition, Adenia supported the strengthening of operations, workforce development and upskilling, and the integration of ESG standards across the Group.

With revenues exceeding one billion dirhams and a workforce of over 6,000 employees, OCS serves a diversified portfolio of over 300 institutional and private clients. During Adenia’s holding period, the Group created more than 500 net new jobs, expanded employee training and workforce development programs, and achieved certifications across quality, safety and ESG standards, reinforcing its position as a responsible employer and service provider.

Stéphane Bacquaert, Managing Partner at Adenia Partners, said: “OCS fully illustrates our approach as an active and engaged investor alongside Africa’s regional leaders. Working closely with the management team, we supported a phase of structuring, refocusing and scaling up, enabling OCS to establish itself as a leading provider of services to businesses and public entities. Now with their shareholding firmly anchored locally, the Group has very strong development prospects.”

Nicolas Belleteste, CEO of the OCS Group, added: “We would like to thank Adenia and Proparco for their trust and invaluable support. Together, we were able to write a fine chapter in the history of this Group, bringing it clarity, strategic vision and financial strength. This transaction opens a new chapter for us and our employees. We are eager to work with our new partners Retail Holding and Amethis, with the ambition of continuing our growth trajectory and sustainably consolidating our leading position in Morocco and Senegal.”

Through the transaction, the Retail Holding – Amethis consortium intends to support the OCS Group's development in its next phase of growth. With a majority Moroccan shareholding base, the consortium aims to sustainably strengthen OCS's position in its key markets, while leveraging commercial and operational synergies with Retail Holding and its subsidiaries, as well as with the Amethis network. Retail Holding and Amethis are long-standing partners, having already undertaken several co-investments, notably in Vicenne in Morocco and CDCI in Côte d'Ivoire.

Riad Laissaoui, CEO of Retail Holding, said: “This acquisition, carried out with our long-standing partner Amethis, is fully in line with our external growth strategy, which aims to position us in high-potential markets by acquiring leading companies with solid foundations, whose core business is complementary to ours, offering numerous opportunities for synergy and increased business volume.”

Wilfried Poyet, Senior Partner at Amethis, added: “We are very pleased to make a new investment – our sixteenth – in Morocco, alongside Retail Holding, a long-standing partner of Amethis and a key player in the Kingdom’s private sector. We share with Nicolas Belleteste and his teams a common and ambitious vision for the OCS Group.”

Completion of the transaction remains subject to customary closing conditions, including regulatory approvals.

About Adenia Partners

Adenia Partners is a private markets investment firm which has raised over $1 billion across five funds and co-investments, and is committed to responsible investing and a sustainable Africa. Founded in 2002, Adenia has a proven track record with over 35 platform investments executed and 22 exits. Based on-the-ground across Africa, Adenia has one of the most highly qualified African private markets investment teams in terms of educational pedigree, longstanding experience as entrepreneurs and investors, and local in-depth knowledge. By creating stronger companies with quality jobs, fostering economic improvement, and elevating companies to meet ESG standards, Adenia is increasing the enterprise value for investors, whilst benefiting workers, communities, and companies in Africa. For more information, please visit: www.adenia.com

About Proparco

Proparco is a subsidiary of the Agence française de développement (AFD) Group dedicated to financing the private sector in developing countries. For more than 45 years, Proparco has supported companies and financial institutions with strong growth potential by providing tailored financing and investment solutions, with the objective of supporting sustainable growth, job creation, and the strengthening of local economies. Proparco operates in Africa, Asia, Latin America, and the Middle East, mobilizing financial, sectoral, and non-financial expertise in support of high-impact projects. For more information, please visit: www.proparco.fr

About Retail Holding

Retail Holding is a leading national food and specialty retailer, the majority shareholder of Label Vie SA (Carrefour, Atacadao, Supéco), and owner of the Kiabi, Burger King, and Virgin Megastore brands in Morocco. The Group operates a multi-brand network of over 400 stores across the Kingdom, generates revenue of over 20 billion dirhams, and employs more than 15,000 people. Retail Holding also owns Compagnie de Distribution de Côte d’Ivoire with its 125 stores and has signed a management lease agreement with Carrefour France for the operation of several hypermarkets in France and an Atacadao store (Paris region).

About Amethis

Founded by Luc Rigouzzo and Laurent Demey and a partner member of Edmond de Rothschild Private Equity, Amethis is an impact investment fund manager focused on financial, environmental, and social sustainability across Africa and Europe. With over €1.4 billion in assets under management, Amethis has made more than 40 investments to date. Amethis provides growth capital to promising mid-sized companies across a variety of sectors, supporting their growth through its international network covering Europe and Africa, and systematically improving their environmental and social impact. With seven offices in Paris, Abidjan, Casablanca, Nairobi, Cape Town, Cairo, and Luxembourg, the Amethis team comprises over 60 experienced professionals with strong regional and sector expertise. Learn more at: www.amethis.com

About the OCS Group

Founded in 2009, Overseas Catering & Services (OCS) delivers premier catering and facilities management services. With 6,000 dedicated employees, it serves 300 clients across Morocco, Ivory Coast, and Senegal, achieving a turnover of €106 million in 2025. Through various subsidiaries, OCS provides solutions in catering, cleaning, Facilities Management, and childcare management. It operate in all sectors: industrial and tertiary, educational and university, health, social, correctional, extreme environments, defense, sports, and leisure. For more information, please visit: www.ocs-groupe.com