In a major consolidation of the North and West African service sectors, the private equity firm Adenia Partners, in collaboration with the French development finance institution Proparco, has entered into a definitive agreement to sell OCS Group.
The operations, which span Morocco and Senegal, are being acquired by a high-profile consortium led by Morocco’s Retail Holding and the pan-African investment fund Amethis. The transaction marks a successful exit for Adenia, highlighting their “build-and-scale” investment model within the region.
Since its inception in 2009 as a dedicated catering operator, OCS has undergone a decade-long transformation to become a diversified service powerhouse. Today, it stands as one of the two dominant players in the Moroccan market, operating under four distinct brands:
- Catering Services: Provided via the well-known Ansamble and Proxirest brands.
- Facility Management (FM): Expanded through Artis Facilities in Morocco and Alizés in Senegal.
This integrated “Facility Management” offering allows OCS to provide comprehensive end-to-end services, ranging from food to maintenance, to corporate and public sector clients.
For Adenia Partners, this exit represents the culmination of a period characterized by intensive structuring and operational scaling.
Stéphane Bacquaert, Managing Partner at Adenia, commented:
OCS fully illustrates our approach as an active and engaged investor. Now with their shareholding firmly anchored locally, the group has very strong development prospects.
Nicolas Belleteste, CEO of OCS Group, credited the outgoing partners with providing the “strategic vision and financial strength” necessary to reach this stage. He expressed eagerness to leverage the new partnership with Retail Holding and Amethis to consolidate their leadership in Morocco and Senegal.
The Retail Holding-Amethis consortium aims to use OCS as a platform for further expansion, relying on a majority-Moroccan shareholding base to anchor its local relevance.
- Retail Holding’s Strategy: CEO Riad Laissaoui noted that the acquisition fits perfectly with their external growth strategy—targeting market leaders whose core businesses complement Retail Holding’s existing retail and logistics infrastructure.
- Amethis’ Commitment: This marks the 16th investment in Morocco for Amethis. Senior Partner Wilfried Poyet emphasized their long-standing partnership with Retail Holding and an ambitious vision to grow the OCS brand across the continent.
The deal is currently subject to standard closing conditions and regulatory approvals. Once finalized, the focus will shift toward creating operational synergies between OCS and Retail Holding’s various subsidiaries.
By bringing OCS into a more localized ecosystem, the new owners intend to increase business volume and service efficiency, particularly in the high-potential urban corridors of Casablanca, Dakar, and beyond. This move underscores a growing trend of “African-to-African” capital flows, where regional giants acquire established platforms to build continental champions.
