Paris-headquartered private-equity firm Amethis, which invests in mid-sized businesses across Africa, the Middle East and Europe, has invested in Côte d'Ivoire or Ivory Coast-based power security solutions provider Ademat in a secondary transaction that provides an exit to Mauritius-headquartered PE firm SPE Capital.
Amethis, which marked the final close of its third flagship pan-African fund Amethis Fund III earlier this year, collecting €406 million (about $472 million), has picked up a majority stake in the West Africa-focused company.
The financial terms of the transaction were not disclosed.
As a part of the deal, Amethis will partner with Ademat’s chief executive Christophe Giovacchini and its management for its next phase of growth.
The company, founded in 1983, covers the entire value chain of power security solutions – from power generation, stabilisation and transformation, to procurement, installation, maintenance, technical assistance, consulting, training and rentals.
“With Amethis, we are opening a new chapter in ADEMAT’s development – one focused on accelerating both organic and external growth across the region. Amethis’ deep regional experience make them the right partner to help us continue building our position as the leading provider of power security solutions,” said Giovacchini.
For SPE Capital, which makes Africa- and Middle East-focussed bets, the exit comes about five years after its investment in Ademat in April 2021. It launched its proprietary brand and expanded into gas-powered generators and solar panels during the time.
The company will now also aim to implement an ambitious ESG roadmap and transition to lower-carbon solutions.
“We see significant opportunities to further scale-up the company,” said Khady Koné-Dicoh, senior partner at Amethis. “By leveraging on our strong local presence and extensive international network, we are confident in our ability to support ADEMAT transition towards low-carbon energy solutions and strengthen its market position.”
The company will focus on expanding Ademant’s solar PV offering, accelerating the development of its proprietary brand, strengthening its positioning on the low and medium-capacity power generators market and driving regional expansion through targeted bolt-on acquisitions and strategic partnership across West and Central Africa.
Founded in 2012 by Laurent Demey and Luc Rigouzzo, Amethis is a member of the Edmond de Rothschild Private Equity Partnership. The PE firm has offices in Paris, Abidjan, Casablanca, Nairobi, Cairo and Luxembourg,
The firm provides growth capital to mid-sized companies across three investment strategies: Small and Mid-Caps Africa, Small Caps North Africa and Middle East, and Small Caps Europe, and manages over €1.4 billion in assets across multiple funds.
The third fund, that achieved final close in January, succeeded Amethis Fund II, a 2018 vintage vehicle with total commitments of €375 million, and Amethis Fund I, a 2012 vintage vehicle with total commitments of €275 million.
Earlier this month, the French PE firm said it will invest in Tiba for Starch & Glucose from its second MENA focused fund, which it closed in 2022 collecting a corpus of $139 million.
