Executive Summary

SARL CAPAS is a Togolese agro-aquaculture enterprise scaling West Africa’s first off-grid, circular tilapia farm—powered 100% by solar-wind energy. By integrating fish farming with crop production and livestock, CAPAS eliminates chemical inputs, cuts feed costs by 40%, and produces affordable, fresh protein to replace costly frozen imports. With a signed 5-year offtake agreement with Togo’s National Food Security Agency (ANSAT) for 4,900 tons/year of tilapia, the project directly addresses national food insecurity while creating 2,000 rural jobs. Located on 71.6 ha of owned land (Dalavé & Agou), CAPAS leverages proven circularity: fish waste fertilizes crops; crop residues become fish feed. The model is climate-resilient, bankable, and ready for regional replication. We are seeking **$30.9M** to scale to full industrial capacity by 2027, with breakeven in Year 2 and an IRR of 13.49%. CAPAS isn’t just a farm—it’s a replicable blueprint for African-led food sovereignty. We seek **$30.9M** in debt financing (7–10 years) to scale our integrated agro-aquaculture farm—covering infrastructure, renewable energy, and working capital—backed by off-take agreement with ANSAT and owned land assets. **Executive Team Summary – SARL CAPAS** The strength of CAPAS lies in its **experienced, locally rooted, and multidisciplinary team**, led by founder **Mr. GNANSA Bagoubadi**, a seasoned agro-pastoral entrepreneur with over **20 years of hands-on experience** in integrated farming, rural development, and food systems in Togo. --- ### **1. GNANSA Bagoubadi – Founder & Managing Director** - **Background**: Self-taught agronomist and entrepreneur who began farming at a young age under family mentorship. Later strengthened his expertise through professional training in Côte d’Ivoire. - **Track Record**: - Founded **CAPAS in 2003** (formalized as SARL in 2013), transforming 6.6 ha in Dalavé into a functioning agro-pastoral hub producing maize, cassava, palm oil, poultry, and small ruminants. - Built strategic partnerships with local cooperatives, technical services, and national institutions. - Represented CAPAS at high-level forums: **Togo-EU Business Forum (2019)**, **Agribusiness Forum in Abidjan (2019)**, and the **World Congress on Innovation (WCI, Istanbul, 2021)**. - **Vision**: To scale CAPAS into a regional model of **sustainable, circular, and climate-resilient food production** that reduces import dependency and creates dignified rural employment. --- ### **2. Core Technical Team** #### **PATO K. Wyoa – Financial Manager** - Oversees budgeting, financial planning, cash flow management, and investor reporting. - Ensures alignment of operations with fiscal sustainability and compliance with Togolese agricultural finance frameworks. #### **Pato Pyabalo Fostin – Agronomic Engineer (Crop Production)** - Manages all crop systems: maize, cassava, pineapple, and oil palm. - Implements soil regeneration techniques using organic compost from livestock and fish effluents. - Optimizes yields while minimizing external inputs—critical to CAPAS’s circular model. #### **LOSSOU Essoham Odette – Zootechnician (Livestock & Aquaculture)** - Specializes in integrated animal production (poultry, pigs, sheep/goats) and tilapia aquaculture. - Designed the closed-loop system where crop residues become animal/fish feed, and manure becomes fertilizer. - Trained in modern biosecurity and reproduction protocols to ensure high survival rates. #### **Dr. MABALO Kossi – Veterinarian** - Provides preventive and curative care across all livestock and aquaculture units. - Implements vaccination programs, disease surveillance, and sanitary protocols aligned with national standards. - Key to maintaining product quality and export-readiness. #### **ASSOGBA Komi – Project Developer & Structuring Advisor** - Architect of the current investment dossier and expansion plan. - Coordinates feasibility studies, environmental assessments, and partnership development. - Bridges technical operations with institutional stakeholders (ANSAT, ANPGF, ITRA). --- ### **3. Operational Capacity & Local Integration** - The team operates on **two owned sites**: - **Dalavé (6.6 ha)** – operational since 2015, with existing infrastructure (borehole, processing units, animal enclosures). - **Agou (65 ha)** – secured land for scaling aquaculture and crop production. - **400+ direct jobs** will be created during full implementation, with strong inclusion of women and youth. - Deep ties to **local producer networks** in Zio and Plateaux regions ensure reliable sourcing and community buy-in. --- ### **4. Governance & Strategic Partnerships** - CAPAS benefits from informal advisory support from: - **ITRA (Institut Togolais de Recherche Agronomique)** – agronomic R&D, - **INRAB (Bénin)** – aquaculture training and fingerling quality control, - **Chambre d’Agriculture du Togo** – policy linkage and market access. - The team has successfully negotiated a **5-year offtake agreement with ANSAT**, demonstrating credibility with public institutions. --- ### **Why This Team Can Execute** This is not a startup team with theoretical models—it is a **proven, field-tested group** that has already: ✅ Operated profitably for over a decade, ✅ Secured land titles and water rights, ✅ Built physical infrastructure from scratch, ✅ Gained trust from national agencies, ✅ Integrated circularity into daily operations. With the proposed financing, this team is fully capable of scaling CAPAS into **West Africa’s first off-grid, renewable-powered, circular tilapia farm**—delivering food security, job creation, and environmental stewardship at scale. **Overview of Financial Performance – SARL CAPAS** SARL CAPAS has demonstrated consistent financial viability through its **core agro-pastoral operations since 2015**, with formal registration as a limited liability company (SARL) in 2023. While the large-scale tilapia aquaculture component is currently in its pilot phase (first juveniles stocked in Q1 2026), the business has already generated **significant historical revenue** from its integrated farm in Dalavé (Zio Prefecture). ### **Current Revenue & Profitability** - **2025 Revenue**: **920 million FCFA** (~$1.5 million USD) from sales of maize, cassava, gari, palm oil, poultry, and small ruminants. - **Profitability**: The agro-pastoral unit operates at a **positive EBITDA margin**, generating internal cash flow that has funded initial aquaculture infrastructure (borehole, pilot ponds, partial renewable energy system). - **Growth Trajectory**: Revenue has grown steadily over the past 5 years due to expanded production, value-added processing (gari, red palm oil), and reliable local demand. ### **Near-Term Financial Projections (Post-Aquaculture Scale-Up)** With the planned industrial tilapia unit (4,900 tons/year), CAPAS forecasts: - **Year 1 (2026)**: Revenue of **1.2 billion FCFA** during ramp-up; EBITDA negative due to upfront investment. - **Year 2 (2027)**: Revenue jumps to **4.4 billion FCFA** with full ANSAT offtake; **EBITDA turns positive (+820 million FCFA)**. - **Year 3+ (2028 onward)**: Revenue stabilizes at **~5.1 billion FCFA/year**, with EBITDA exceeding **1.3 billion FCFA** (25%+ margin). ### **Key Financial Strengths** 1. **Diversified Revenue Streams**: Income from crops, livestock, and soon aquaculture reduces dependency on any single market. 2. **Cost Efficiency**: Circular model cuts input costs by ~40% (e.g., crop residues → fish feed; fish waste → organic fertilizer). 3. **Guaranteed Offtake**: 5-year contract with ANSAT ensures stable, predictable revenue for 50% of tilapia output. 4. **Asset-Backed**: Owns 71.6 ha of titled land (Dalavé + Agou) and existing infrastructure, providing collateral and reducing lease expenses. ### **Funding & Investment Readiness** - **Self-Funded to Date**: All pilot-phase investments (380 million FCFA / ~$580,000 USD) came from retained earnings and owner equity. - **Seeking Growth Capital**: Raising **15.5 billion FCFA** (~$23M USD) to scale to full capacity. This will be repaid via cash flows starting Year 2, with a projected **IRR of 13.49%** and **payback in 2.5 years**. ### **Risk Mitigation** - **Currency/Import Risk**: Local production eliminates forex exposure from frozen fish imports. - **Market Risk**: ANSAT contract de-risks 50% of sales; remaining output targets regional export (Bénin, Ghana) where demand exceeds supply. - **Operational Risk**: Renewable energy (solar-wind microgrid) removes diesel/grid dependency, ensuring stable operating costs. In summary, CAPAS has a **proven track record of profitability in agro-pastoral activities** and is positioned for exponential revenue growth upon aquaculture scale-up—backed by secured offtake, circular cost advantages, and owned assets. The business is not only financially sustainable but poised to become a major contributor to Togo’s food security and export economy.