Amethis sold its 22% stake in Sodigaz APC, the leading gas bottle distributor in Burkina Faso

31 August 2021 • reading time:4 mn • News

Amethis sold its 22% stake in Sodigaz APC, the leading gas bottle (LPG) distributor in Burkina Faso, to African Infrastructure Investment Managers (AIIM)

Amethis is pleased to announce the sale of its minority stake in Sodigaz APC to African Infrastructure Investment Managers (AIIM). Sodigaz APC is the leading gas bottle (LPG) distributor in Burkina Faso with a market share exceeding 60% and a unique distribution network of 2,200 gas resellers. Created in 1977 by Amidou Bolly, Sodigaz APC has genuinely participated to the development of the butane gas market in Burkina Faso and in the fight against deforestation. The company employs now over 780 people.

Amethis invested in Sodigaz APC in July 2017 and has since supported the company and its highly skilled management team led by Ms. Lala Bolly, in strengthening its governance, in its regional expansion, in enlarging its products’ offer and in the implementation of a solid health and safety policy. Sodigaz APC has demonstrated a strong track record of delivering high growth and solid financial performance with an annual growth rate of +14% over the past 4 years. The Company is well-positioned to deliver future growth and establish its position as one of the leading energy players in the region.

Lala Bolly, CEO at Sodigaz said: “The partnership with Amethis has been an excellent opportunity for Sodigaz to efficiently deploy its strategic vision and bring a higher quality of services to its clients. During these 4 years of partnership with Amethis, Sodigaz has succeeded to consolidate its leadership on the gas market in Burkina Faso, to diversify its products’ offer with the launch of the solar and achieve its regional expansion with the opening of its subsidiary PROGAZ in Benin. We are very proud of these evolutions highly structuring for the resilience, the development and the sustainability of Sodigaz, and which further anchor the Group into the socioeconomic development of West Africa.”

Khady Koné-Dicoh, Partner at Amethis stated: “Thanks to our close partnership with Ms. Lala Bolly and her team, Sodigaz has experienced a substantial transformation since the initial years of our investment. We are proud of this successful investment in Burkina Faso which confirms our investment focus on resilient and high growth sectors driven by a fast-growing emerging middle class, high-skilled and ambitious management and a joint vision with existing shareholders”. She added: “We are also particularly proud to have invested in a player that remains at the forefront of the fight against deforestation in this Sahelian country and in the preservation of the health of women and children often exposed to the toxic smoke of the charcoal traditionally used by Burkinabé households. Moreover, we are honored to have contributed to a positive model for the promotion of gender parity in Africa with a company committed to strengthening women’s leadership and economic empowerment at the highest level of its management”.

Patrick Kouamé, Investment Director at AIIM, commented: “Access to clean cooking falls within UN SDG 7 – access to affordable, reliable, sustainable and modern energy for all. We see bottled gas as a vital ‘bridging fuel’ in the long-term transition to a sustainable energy system, and a core part of AIIM’s distributed energy investment strategy, alongside solar home systems. Sodigaz is a local LPG champion, and we look forward working closely with Ms Bolly and her team to expand its operations across West Africa, diversify the product offering and deliver clean fuel to households in the region.”

About Edmond de Rothschild
As a conviction-driven investment house founded upon the belief that wealth should be used to build the world of tomorrow, Edmond de Rothschild specializes in Private Banking and Asset Management and serves an international clientele of families, entrepreneurs and institutional investors. The group is also active in Corporate Finance, Private Equity, Real Estate and Fund Services. With a resolutely family-run nature, Edmond de Rothschild has the independence necessary to propose bold strategies and long-term investments, rooted in the real economy. Created in 1953, the Group now has CHF 173 billion (€ 160 billion) in assets under management, 2,600 employees and 32 locations worldwide.

About African Infrastructure Investment Managers (AIIM)
AIIM is a member of Old Mutual Alternative Investments (OMAI) and has been investing in the African infrastructure sector since 1999 with a track record extending across seven African infrastructure funds. AIIM’s team of 41 investment professionals is based out of five offices across the continent in Cape Town, Johannesburg, Nairobi, Lagos and Abidjan.
AIIM has raised over USD2.3 billion in commitments for its private equity funds which structure and invest in the financing of infrastructure projects and companies across the continent. AIIM currently manages USD2.0 billion in assets across the power, telecommunications, energy and transport sectors with operations in 19 countries throughout the continent.