Phatisa, through its African Agriculture Fund (AAF), has completed the sale of its majority shareholding in Goldenlay, Zambia’s leading table-egg producer, to Vanden Avenne Group, a Belgian family-owned company specialised in integrated feed manufacturing and animal protein production.
AgDevCo, Goldenlay’s long-term debt provider, is also exiting as part of the transaction. Financial terms remain undisclosed.
The acquisition, finalised in February 2026, marks Vanden Avenne’s strategic entry into the Zambian agrifood sector and represents a successful ownership transition for Goldenlay after more than a decade under Phatisa’s stewardship.
The management team will reinvest alongside Vanden Avenne, ensuring leadership continuity and alignment with long-term growth objectives.
Goldenlay’s Operational Profile
Goldenlay operates a fully vertically integrated business model based in Zambia’s Copperbelt province. Key components include:
- Large-scale egg production with a flock of approximately 600,000 laying hens.
- In-house feed manufacturing supported by maize and soya farming operations.
- Nationwide distribution network serving modern retail, informal markets, and regional exports.
This structure enables consistent quality control, cost efficiency, and broad market coverage, positioning Goldenlay as Zambia’s dominant supplier of affordable, high-quality table eggs to households and businesses.
Since Phatisa’s initial investment in 2012, Goldenlay has significantly expanded capacity, strengthened upstream integration through farming investments, and developed a robust distribution network serving diverse consumer segments.
Transaction Details and Ownership Transition
The sale transfers Phatisa’s majority stake to Vanden Avenne Group, with AgDevCo simultaneously exiting its debt position.
Management reinvestment ensures continuity of leadership and operational knowledge, while Vanden Avenne assumes strategic oversight and provides long-term capital support.
Martin Kromat, Senior Partner at Phatisa (pictured below), commented, “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-orientated 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, stated: “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.”
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Patrick Vanden Avenne, Chairman of Vanden Avenne Group (pictured below), 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.”
Strategic Alignment and Future Outlook
The acquisition aligns with Vanden Avenne’s expansion into high-growth emerging markets where demand for affordable animal protein is rising rapidly. Goldenlay’s established market position, efficient operations, and diversified customer base provide a strong foundation for further growth.
For Zambia’s agrifood sector, the transaction represents a successful ownership transition that positions the company for expanded production, enhanced regional competitiveness, and continued supply of affordable, nutritious eggs to millions of consumers.
The exit also validates Phatisa’s investment thesis of backing proven African food businesses to deliver both attractive financial returns and tangible development impact.
Looking Ahead
Phatisa’s sale of its majority stake in Goldenlay to Vanden Avenne Group marks a successful chapter in the platform’s development, following over a decade of capacity expansion, operational strengthening, and market leadership under AAF’s ownership.
The transaction enables Vanden Avenne to extend its integrated feed and animal protein expertise into Zambia while ensuring continuity through management reinvestment.
This ownership transition strengthens Goldenlay’s position to serve Zambia’s growing demand for affordable protein and contributes to regional food security.
For the most current information on Goldenlay’s operations or Vanden Avenne’s strategic plans, refer to official announcements from the respective organisations.
African Agriculture Fund Overview
The African Agriculture Fund (AAF) application form refers to the documents/online process used by farmers and agribusinesses to apply for investment from the African Agriculture Fund.
Funding for agricultural startups in Africa 2026 points to the range of capital sources available this year, including impact funds, venture capital, blended finance, and donor-backed programmes targeting agtech and farm enterprises.
Funding for agriculture in West Africa includes regional investment vehicles, development finance institutions, and public-private funds supporting crop value chains, livestock, and agro-processing.
Farm Funds Africa is an investment platform focused on financing African agriculture through blended capital and technical support.
Investment Fund agriculture generally describes capital pools dedicated to agricultural value chain investments, including equity, debt, and structured finance.
Agriculture Challenge Funds are competitive grant programmes that award capital to innovative agricultural ventures that meet development and productivity criteria.
Grants for small farmers in Africa are non-repayable funds provided by governments, NGOs, and international donors to support inputs, training, technology adoption, and resilience.
Funding for agriculture startups includes seed and growth capital from VC funds, impact investors, public programmes, and grant competitions targeted at early-stage agribusiness innovation.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
