Case Studies

The Project

Strategic and financial advisory mandate to develop inclusive agro-industrial models integrating primary production, processing, market access and value redistribution to rural communities, with industrial platforms owned by producer organisations.

Key Challenges

• Limited access to long-term financing for producer organisations
• Difficulty securing long-term offtake arrangements and revenue visibility
• Reconciling economic profitability with social inclusion and biodiversity preservation

Our Value Add

• Robust investment thesis formalised through an information memorandum and full business plan
• Structuring of a producer-owned group model supported by agro-industrial processing platforms
• Syndication of a EUR 25m financing between the European Investment Bank (EIB) and BRED
• Post-closing support and negotiation of a cornerstone offtake agreement with LFL

The Project

Mandate awarded by FERDI for the design of a private investment vehicle dedicated to agriculture, agro-industry and livestock farming across the UEMOA region, mobilising public, philanthropic and private capital.

Key Challenges

• Chronic under-financing of the private agricultural sector
• Mismatch between long-term capital needs and short-term banking products
• Fragmentation and limited effectiveness of existing public instruments
• Insufficient mobilisation of private capital in strategic value chains

Our Value Add

• Architecture of a c. EUR 300m fund combining public, philanthropic and private capital
• Multi-compartment structuring (equity, quasi-equity, senior and mezzanine debt)
• Blended finance waterfall (senior tranche / first-loss capital / junior tranche)
• Systemic impact thesis anchored on value-chain structuring and SDG alignment

The Project

Sell-side advisory for the divestiture of a pharmaceutical distribution company, including the management of a competitive auction process and full transaction negotiation through to closing.

Key Challenges

• Value maximisation in a competitive bidding environment
• Arbitrage between price certainty and deferred-payment mechanisms
• Structuring and securing a smooth post-closing management transition

Our Value Add

• End-to-end management of the sale process and coordination of bidders
• Exclusivity negotiations and structuring of the Share Purchase Agreement
• Conversion of a conditional earn-out into a secured vendor loan, improving certainty and liquidity for the seller
• Negotiation of the post-closing transition ensuring operational continuity

The Project

The Mitsiry Biodiversity & Climate Fund (MBCF) is an impact fund dedicated to biodiversity conservation, climate action and inclusive economic development across Madagascar and the Indian Ocean region.

Key Challenges

• Mobilising long-term capital for Nature-Based Solutions (NBS) in frontier markets
• Building an investable pipeline balancing financial returns and measurable impact
• Governance, processes and standards compliant with DFI requirements

Our Value Add

• Strategic and technical support throughout the pre-first-closing phase
• Institutional structuring of the Fund (strategy, governance, committees, financial instruments)
• Qualification and pre-screening of the investment pipeline
• Full lifecycle support: transactions, portfolio oversight and impact management

The Project

Pioneer factoring and securitisation transaction backed by IPP receivables on Jirama, Madagascar's state-owned utility, designed to finance renewable energy development and address chronic payment arrears.

Key Challenges

• Accumulation of payment arrears from the public off-taker
• Equity funding needs for renewable energy project development
• High perceived collection risk by financial institutions

Our Value Add

• Factoring mechanism backed by existing receivables on the public utility
• Contractual ring-fencing of proceeds exclusively for renewable energy projects
• Risk mitigation through securitisation into Treasury bills
• Direct impact: hybridisation of the power generation mix and reduced thermal dependence

The Project

Advisory mandate for bank financing of solar IPP projects in Nosy Be and Tuléar, structured without sovereign guarantee in a high-risk operating environment.

Key Challenges

• Strong perception of off-taker risk (Jirama)
• Limitations of vanilla project finance structures
• Absence of available sovereign guarantee

Our Value Add

• Advanced financial structuring and full project finance modelling
• Design and negotiation of innovative guarantee schemes
• Investor pack constitution (teaser, information memorandum, data room)
• Coordination of technical, legal and financial due diligence
• Bespoke structuring ensuring bankability despite the high-risk context