Amethis acquires a minority stake in SIBM, the leading manufacturer of precast concrete products in Côte d’Ivoire.
Founded in 1952 in Abidjan, SIBM addresses 3 end markets: electrification, with the manufacturing of concrete electric poles; infrastructure (gutters, nozzles, culverts, paving stones, guardrails, rail sleepers, etc.) and building (hoarding supplies, agglomerates, etc.). SIBM is a long-standing company that has contributed to numerous first-rate projects in Côte d’Ivoire, from the construction of the Yamoussoukro Basilica to the East Road, and the electrification of thousands of villages. Today, the company has 1,200 employees and 8 production sites located near the country’s major business hubs, namely Abidjan, Yamoussoukro, San Pedro, Bouaké, Korhogo and recently Agnibilékro.
Thanks to the unmatched quality of its products, as demonstrated by its ISO 9001 v2015 certification, and to its geographical proximity to its customers, the company has become the undisputed market leader in Côte d’Ivoire. Its in-house innovation laboratory provides a real competitive advantage and enables SIBM to offer tailor-made solutions to its customer base which comprises international public works companies such as Vinci, Bouygues, NGE, Colas, but also national champions such as PFO Group, as well as numerous local players such as Ekds, Geci, Albedo.
Through this investment, Amethis intends to support SIBM in strengthening its national leadership position by upgrading and increasing its production capabilities and diversifying its products across its various business segments. In addition, Amethis will provide SIBM access to its network and experience in the West African sub-region to trigger and execute its geographic expansion strategy. Furthermore, Amethis will support SIBM’s commitment to improve its environmental and social performance.
Khady Kone-Dicoh, Partner, who led the investment for Amethis stated: “We are proud to support a company which addresses core urbanization issues in Cote d’Ivoire with direct impact on the population’s daily life. As a matter of fact, SIBM is involved in major road projects which improves mobility, but also in water sanitation for a healthy environment as well as in access to energy with the electrification of urban and rural areas. We are honored to support SIBM’s team, led by a talented Ivorian entrepreneur, Serge Bilé, in its next growth stage and regional expansion. SIBM has experienced remarkable growth over the past five years which is expected to continue driven by Côte d’Ivoire’s National Development Plan, a dynamic construction industry, and regional opportunities.”
This investment represents the sixth transaction of Amethis in Côte d’Ivoire, a country with strong economic growth in which Amethis has a local office and which represents one the key countries of the fund‘s investment strategy.
Serge Bilé, CEO and shareholder of SIBM added: “We are delighted to welcome Amethis alongside us to start the regionalization of SIBM in West Africa and notably in Senegal. We have reached this level and acquired our technical expertise thanks to our teams of engineers, technicians and all the dedicated and committed staff of SIBM. We have also gained an invaluable experience by serving international and national construction professionals. Today, our ambition is to become a regional player in precast concrete in West and Central Africa, Amethis’ investment is timely and will allow us to strengthen our position in Côte d’Ivoire by continuing the modernization our production capabilities throughout the country, but also to benefit from Amethis’ experience and network of partners to seize development opportunities in the region. In fact, Côte d’Ivoire, like its neighbors, is a fertile ground of opportunities with an infrastructure gap that is being bridged at a fast pace. We want to be main contributors of that.”
Lexways Côte d’Ivoire and ISF Conseils acted as legal advisor and financial advisor of SIBM while Maître Jean-Jacques LECAT, lawyer at the Paris Bar specialized in transactions with African countries, advised Amethis. In addition, PriceWaterhouseCoopers Côte d’Ivoire, Onpoint Africa, ESG Africa and Bureau Veritas advised Amethis on the financial and tax due diligence, the market due diligence, the ESG due diligence, and the technical due diligence respectively.
SIBM is an industrial company in the construction sector, specialized in the production of prefabricated concrete structures used in building construction, roads, electrification and in all fields of civil engineering. Its main products are sewage pipes, gutters, paving stones, electric poles, and agglomerates. The company has an internal laboratory that allows it to create products and adjust its catalog to the specific needs of its customers. SIBM has 8 production sites and employs 1,200 people. http://www.sibmci.com/
About Amethis – Amethis, a member of the Edmond de Rothschild Private Equity partnership, is a leading private equity player dedicated to Africa, with an investment capacity exceeding €800m. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African continent. As an active shareholder, Amethis offers key support and expertise through its international network, its opportunities for external growth and its value-added governance. www.amethis.com
About Edmond de Rothschild Private Equity
Edmond de Rothschild Private Equity is an independent entity within Edmond de Rothschild Asset Management with over 3 billion CHF of assets under management. Driven by an entrepreneurial approach to finance, supported by solid convictions, Edmond de Rothschild Private Equity builds and designs unique investment strategies to provide a sustainable response to environmental and social challenges.
Founded in 1953, the Edmond de Rothschild Group had €168 billion in assets under management on 31 December 2020, 2,500 employees and 33 offices worldwide. www.edmond-de-rothschild.com