In what will be the last investment for its third fund, Adenia Partners, the private equity firm targeting small and medium-sized businesses in sub-Saharan Africa is taking a majority stake in Ademat. Financial terms of the deal were not disclosed.
Ademat is a services company operating in the power sector, distributing, installing and maintaining power devices, inverters, drive systems and other electrical products in Côte d’Ivoire. Founded in 1983m the company has built up a client base across a number of sectors including agro-processing, telecommunications, financial services and real estate, helping ensure reliable electricity provision to these significant power consumers.
“Ademat’s track record is clearly established in the market with a strong reputation locally,” said Christophe Scalbert, a Principal in Adenia’s Abidjan office. “We look forward to working with the management team and continuing to build on its strengths.”
Along with the capital infusion which will be used to support Ademat’s expansion plans, Adenia plans to build value in the company via the provision of strategic and financial advice to its management team and the implementation of best practice environmental, social and governance processes.
Within its three funds, Adenia manages some $200 million in assets. In November 2015, Adenia announced plans for Adenia IV, a €200 million vehicle which will target control transactions in companies with an enterprise value of between €5 million and €30 million in the sub-Saharan region.