Amethis Finance has announced that it, together with fellow stakeholders West Africa Emerging Markets Growth Fund or WAEMGF and founding Kadio-Morokro family, have completed a follow-on deal in Pétro Ivoire, a large distributor of oil and gas products in Côte d’Ivoire. The transaction has been structured as a mix of equity and debt, with two thirds of the capital being provided as equity with the balance as convertible debt. As part of the deal, both Amethis Finance and WAEMGF will get additional seats on the company’s board. Additional terms of the transaction were not disclosed.
Amethis first invested in Pétro Ivoire in 2013, acquiring a 39% stake. Since then, the company has grown significantly, more than doubling its network of service stations and striking a joint venture with French energy giant TOTAL and GEOGAS to expand its storage container capacity. The fresh capital will be used to invest in new initiatives and to bolster the company’s financial structure.
To date, Amethis’s $530 million private equity fund has made fourteen investments, ten of which are equity and four, debt transactions. The fund has also made a number of follow-on investments in Chase Bank in addition to this Pétro Ivoire deal. Jean-Thomas Lopez, Aurélie Pujo, Souleymane Ouattara and Laurent Demey made up the team executing the transaction for Amethis. Aurélie Pujo and Laureen Kouassi-Olsson will be the additional representatives from Amethis on Pétro Ivoire’s board.
CMS Bureau Francis Lefebvre provided Amethis will legal services for the transaction. Orrick acted on behalf of Pétro Ivoire.