Over the last decade, multiple funds, international organisations such as the World Bank / IFC, and private investors have commissioned Altai to help them assess the relevance of investments, through commercial and operational due diligences.

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In order to conduct a comprehensive market analysis, we start by mapping the supply (competition structure and dynamics, positioning, products portfolio, core distribution channels, etc.) and fully understanding the demand (customer segmentation, main pain points and needs, usage patterns, perception of market players, etc.). By combining this with on-the-ground interactions with market players, suppliers and customers, we are able to size the market and identify the main trends, risks and opportunities. We also interact with the management to deep dive on the company’s strategy and projections, in order to assess the relevance of the main assumptions used in the business plan.

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This enables us to give a robust recommendation on the investment opportunity as well as suggestions of operational improvements based on our analysis in the field.

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An example of commercial due diligence conducted by Altai was the due diligence of MEREC, the leading wheat flour mill in Mozambique, as part of the joint Amethis, Proparco and Kibo investment in the company. Altai conducted quantitative surveys with customers, key informant interviews and field visits across the entire country to analyse the different business verticals of MEREC (wheat flour, pasta, biscuits and animal feed) and provided recommendations to the investors. This transaction was awarded the 2019 Food Industry Deal of the Year at the Africa Foodex Awards.

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