Saturday, March 23, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Exits

PCM Capital Partners exits Petro Ivoire

Africa Global Funds
Jan. 9, 2019, 11 a.m.
537

Word count: 290

PCM Capital Partners, managers of the West Africa Emerging Growth Fund (WAEMGF) have announced the Fund’s exit from its investment in Petro Ivoire, a leading player in the downstream oil and gas sector in Cote d’Ivoire. 

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PCM Capital Partners, managers of the West Africa Emerging Growth Fund (WAEMGF) have announced the Fund’s exit from its investment in Petro Ivoire, a leading player in the downstream oil and gas sector in Cote d’Ivoire. 

This exit, the first from the WAEMGF portfolio, was structured as a leveraged management buyout transaction led by Vantage Capital.

Michel Abrogoua, Founding Partner of PCP, said: “Our capital and strategic approach with Petro Ivoire perfectly illustrates our philosophy which has contributed to the Company’s organic growth.” 

“Its positioning as an Ivorian oil and gas market leader is the result of a clear and ambitious strategy, a visionary management and an efficient governance framework. With this exit, which enables the founding family to regain majority shareholding, we are confident in the company’s future.”

Founded in 1994 by Mathieu Kadio-Morokro, Petro Ivoire is one of the top three distributors of oil and gas products in Cote d’Ivoire. 

The company distributes refined products (super, gasoil, etc), LPG, as well as lubricants under its own brand. 

With an 11% market share, Petro Ivoire is ranked (in terms of volume of oil distributed in Cote d’Ivoire) behind Total Cote d’Ivoire and Vivo Energy Cote d’Ivoire and number two in the LPG segment with a 31% market share. 

The company also has a 40% stake in Société Africaine d’Entreposage de Produits Pétroliers (SAEPP).

In line with the Fund Manager’s investment philosophy, WAEMGF first invested growth capital in February 2012 to support a local, indigenous entrepreneur through its growth and development phase. 

Together with Amethis who are also exiting this investment, PCP has driven the value creation process of the company by providing additional expansion capital and ensuring environmental, socio-economical and governance best practices.

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