Phatisa, AgDevCo sell Zambia’s largest egg producer, Goldenlay, to Belgian firm

ZAMBIA – Phatisa, an Africa-focused food investment fund, has sold its majority stake in Copperbelt Agri Holdings Limited, the parent company of Goldenlay, Zambia’s top table-egg producer, to Vanden Avenne Group, a Belgian feed and protein producer.

AgDevCo, which has been a long-term lender to Goldenlay, is also exiting the investment alongside Phatisa, though the financial terms of the sale were not disclosed.

Goldenlay operates in the Copperbelt region with large-scale egg production, cultivating its own feed from maize and soybeans, and distributing eggs to formal retail channels as well as informal markets.

The existing management team will maintain an ownership stake and continue to lead operations under Vanden Avenne’s ownership to ensure continuity of the company’s strategy.

Since AAF invested in 2012, Goldenlay has expanded its flock to approximately 600,000 laying hens, increased feed self-sufficiency, and strengthened distribution networks across Zambia, allowing the company to reach both urban and low-income consumers.

The acquisition combines Goldenlay’s operational footprint with Vanden Avenne’s long-standing experience in animal protein, drawing on a company history dating back to 1889 and a mix of family ownership and industrial expertise.

Martin Kromat, Senior Partner at Phatisa, said the firm has supported Goldenlay in developing its position as Zambia’s leading egg producer while creating both economic and social value, and he expressed confidence in Vanden Avenne as a future partner.

Goldenlay Managing Director Fletcher Broad highlighted the company’s investments in farms and personnel over the past decade, noting that Phatisa’s support was central to maintaining affordable egg supply and resilience, and he emphasized plans to continue growth with the Belgian firm.

Patrick Vanden Avenne, Chairman of Vanden Avenne Group, stated that Goldenlay’s efficient operations and market share align with the group’s focus on feed and protein production, and that the company plans to enhance regional access to affordable protein.

The acquisition comes amid growing concerns over food security and protein availability in Africa, positioning Goldenlay to contribute to Zambia’s domestic supply while pursuing expansion into neighboring markets.

For Phatisa, the transaction demonstrates the firm’s ability to attract strategic long-term investors to African agribusinesses, following the successful first close of Phatisa Food Fund 3 at US$86 million.

Legal and advisory support for the deal was provided by Bravura to Phatisa and AgDevCo, with Bowmans delivering legal counsel.

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