Zambia's Goldenlay changes hands as Phatisa and AgDevCo exit
Table egg producer enters a new ownership phase.
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Phatisa has sold its majority stake in Goldenlay, Zambia’s largest table-egg producer, to Vanden Avenne Group, a Belgian integrated feed and protein manufacturer. AgDevCo, a long-term debt provider to Goldenlay, is also exiting as part of the transaction. Financial terms of the transaction are undisclosed.
Goldenlay is a fully integrated table egg producer based in Zambia’s Copperbelt province, combining large-scale production, upstream feed farming and a nationwide route-to-market serving retail, informal trade and selected regional exports.
Management will reinvest alongside Vanden Avenne, ensuring continuity and alignment as the company enters its next phase of growth.
Since AAF’s investment in 2012, Goldenlay has scaled to approximately 600,000 laying hens, strengthened feed integration through maize and soya farming, and built a distribution model serving both formal and base-of-the-pyramid markets.
Commenting on the investment and exit, Martin Kromat, senior partner at Phatisa, said: “Our journey with Goldenlay reflects AAF’s strategy of backing proven African food businesses to deliver attractive financial returns as well as impact. Under the leadership of Fletcher and the team, and alongside AgDevCo as a supportive and growth-oriented lender, we have helped to build Zambia’s leading egg producer serving all consumer segments. We are confident that Vanden Avenne is the right long-term partner to support Goldenlay’s continued growth.”
Fletcher Broad, managing director of Goldenlay, commented: “Over the past decade, Goldenlay has invested heavily in our people, our farms and our route-to-market to ensure that high-quality, affordable eggs reach households and businesses across Zambia and neighbouring countries. Phatisa’s support has been instrumental in enabling us to expand capacity, strengthen our operations and build resilience to overcome typical market and operating challenges. We are excited to partner with Vanden Avenne for the next chapter, and, together with our management and staff, remain committed to serving our customers, supporting local farmers and contributing to food security in the region.”
Patrick Vanden Avenne, chairman of the Vanden Avenne Group, added: “Goldenlay is an excellent fit with our family group’s long-standing focus on feed and animal protein, combining a strong market position with an efficient business model. We are honoured to become shareholders alongside management and see significant opportunities to support Goldenlay’s continued growth, invest in its people and operations, and deepen its contribution to affordable protein access in Zambia and beyond. We look forward to a long-term partnership with the Goldenlay team and stakeholders.”
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