Amethis Finance completes its second equity transaction by investing in PetroIvoire, a leading Ivorian distributor of oil and gas products and the largest local player.
July 18, 2013
Amethis Finance has purchased 39% of the capital of PetroIvoire, to two of the three founding shareholders. It is the second investment of Amethis, only six months after its first closing, and the first one in West Africa.
With a network of 34 service stations and a gas storage facility of 1,500 MT in the port of Abidjan, PetroIvoire is a leading Ivorian distributor of oil and gas products, and the largest local player in the market with a strong and recently built position on the fast growing LPG segment. In the past few years the management has successfully repositioned the company towards a pure retail-oriented and diversified oil & gas player, taking a strong position on the fastest growing parts of the market.
PetroIvoire, which is one of the most competitive players of the industry and enjoys a strong advantage on the gas market, is looking to consolidate and increase its position as one of the largest distributors of oil and gas products in Ivory Coast and take advantage of regional expansion opportunities. The management intends to leverage on its market position to take advantage of the country’s economic recovery.
Amethis’ presence will stabilize the capital structure alongside the founding family who runs the business and PE fund WAEMF, and give the needed support for PetroIvoire’s future expansion. The PetroIvoire transaction fits perfectly with Amethis’ strategy to support mid-size fast growing local companies, targeting regional expansion. Amethis will have two board seats and will support PetroIvoire’s efforts to promote gas consumption in the region.
Amethis Finance is an investment fund dedicated to Africa, with a total investment capacity at inception of USD 320m since its first closing done in December 2012, split between USD 170m in equity and USD 150m in debt (financing the lending activity). Amethis Finance has been created by a team led by Luc Rigouzzo and Laurent Demey, and by La Compagnie Benjamin de Rothschild. They have been joined by a large group of private investors combining financial institutions and family offices. Amethis Finance is a “one-stop shop” which provides a full set of long-term financial instruments, investing both in debt and equity, with high objectives in terms of development, social, environmental and governance matters, while delivering attractive performance to its investors.