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News > Private Equity > Exits

IPAE 1 exits two portfolio companies

Africa Global Funds
Jan. 28, 2019, 10:09 p.m.

Word count: 466

The Fund I&P Afrique Entrepreneurs 1 (IPAE 1), managed by Investisseurs & Partenaires has exited from two portfolio companies: the group CONERGIES, based in Côte d’Ivoire and Mali, and the Senegalese company Delta Irrigation.

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The Fund I&P Afrique Entrepreneurs 1 (IPAE 1), managed by Investisseurs & Partenaires has exited from two portfolio companies: the group CONERGIES, based in Côte d’Ivoire and Mali, and the Senegalese company Delta Irrigation.

CONERGIES engineers, installs and provides maintenance for air conditioning and industrial cooling systems, in Cote d’Ivoire and Mali. 

In line with its initial commitment, I&P exited the company after six years, during which the team supported the launch of CONERGIES’ activities in Côte d’Ivoire and defined a new marketing strategy for the group. I&P’s shares were acquired by the EDF Group. This new partnership between EDF and CONERGIES aims to develop energy efficiency solutions in West Africa.  

Founded in 2003 in Senegal, Delta Irrigation is specialized in the design and construction of irrigation equipment, with a focus on agriculture and water treatment. I&P has notably supported the company's diversification strategy, which now operates in Senegal and Côte d'Ivoire. IPAE 1 sold the majority of its shares to two strategic partners of Delta, Kulker, a French provider of irrigation equipment, and Bernegal, a Senegalese company of the Agrifos group, which operates in the agricultural sector. A number of shares were also sold to the Director of Delta Irrigation in Côte d'Ivoire.

“We are proud to sell our shares to these strategic actors, who will bring these two companies to a new stage of corporate growth,” said Sébastien Boyé, CIO at I&P. 

“We are convinced of the strategic and industrial value of these partnerships and of their alignment in terms of values and environment and social oversight, which have been pivotal to our investments.”

Between 2012 and 2017, the €54m fund I&P Afrique Entrepreneurs 1 (IPAE 1) financed 29 African SMEs operating in 12 Sub-Saharan countries. 

While the successor fund IPAE 2 makes its first investments, the exit process is well advanced for IPAE 1 portfolio companies and demonstrates the strategic interest that structured African SMEs with high growth and impact potential can offer. 

According to I&P, these two new exits represent a very good financial performance, in line with the fund's objectives. 

Between 2012 and 2018, the turnover of these companies increased fivefold and the number of employees threefold, from 5 to 15 employees for Delta and from 35 to 100 employees for CONERGIES respectively.

As an impact investor with a minority shareholding, Investisseurs & Partenaires targets exit options that are aligned with the entrepreneur's vision and the impact strategy implemented for each company. An action plan on ESG (Environment, Social and Governance) issues is defined for each company of the portfolio, as well as a series of impact indicators, updated annually. 

For CONERGIES and Delta Irrigation, the focus has mainly been on the environment (energy efficiency measures) and employee well-being (health insurance, workplace safety, etc.)

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