AFRICA – Adenia, a private markets investment firm in Africa, has finalized the sale of its 100% equity stake in Ademat to SPE Capital, a private equity firm focused on Africa and the Middle East.
Founded in Abidjan in 1983, Ademat is the leading provider of power security solutions in Côte d’Ivoire that provides a wide range of technical solutions for companies in various industries, including telecommunications, financial services, manufacturing, healthcare and hospitality.
Since acquiring Ademat in September 2016 through its Adenia Capital (III) fund, Adenia has implemented a series of strategic value creation initiatives, resulting in the expansion of the company’s product offering and market footprint; operational improvements including the introduction of new management tools and technologies; the modernization of working conditions, including the building of new tailor-made headquarters; and the implementation of an ambitious ESG action plan.
“We are proud to have played an important role in the successful transformation of Ademat from a traditional family-run business to a modern company,” said Christophe Scalbert, Partner at Adenia.
“We are proud to have played an important role in the successful transformation of Ademat from a traditional family-run business to a modern company.”Christophe Scalbert – Partner, Adenia
“Our exit reinforces the strength of Adenia’s approach to create long-term and sustainable value through the modernization of governance, operational standards and infrastructure and the provision of quality of employment. We wish the Ademat team every onward success and are confident they will go from strength to strength with the support of SPE.”
Currently, Ademat is recognized for providing best-in-class services to customers across Côte d’Ivoire.
“Adenia’s guidance and strategic input have been instrumental to the success of our ambitious modernization plan,” said Ademat CEO Christophe Giovacchini, who joined the company in 2017.
“Over the last four years, we have strengthened our market positioning, enhanced our organization and improved our financial profile. We would like to thank the Adenia team for its continued support and we look forward to embarking on the next phase of our journey together with SPE.”
Stéphane Heuzé, Managing Partner at SPE, expressed her excitement on the investment in Ademat and in building the momentum created over the last few years to seize new growth opportunities.
“We are looking forward to working closely with the management team to support strategic initiatives and help the company to further improve governance, enhance its product offering, enter new regions and continuously strive for Ademat customers’ satisfaction,” she said.
Adenia Partners was advised by KeysFinance Partners (financial advisor), Asafo & Co (legal lead advisor), Deloitte (financial advisor), Mondon Conseil International (legal and tax advisor).
SPE Capital was advised by Gide Loyrette Nouel (legal lead advisor), Mr. Michael Carter (commercial advisor), KPMG (financial and tax advisors), Environmental Resources Management (ESG advisor), and BLC Roberts & Associates (legal advisor).
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