SPE Capital has made its first deal in sub-Saharan Africa for the fund manager’s first independent fund, buying a power security solutions business in a private equity secondary transaction from Adenia Partners. A representative from Tunis-based SPE Capital declined to disclose how much the fund, SPE AIF I, is paying to acquire the business, Ademat.
Ademat was launched in Abidjan in 1983 and was acquired in 2016 by Adenia Partners as Adenia Capital III’s final investment. Over the course of its holding period, Adenia implemented various value creation initiatives including the expansion of the company’s product offering and market footprint, modernizing working conditions for its employees, and introducing a range of new management tools and processes. Today, the company is the leading power security solutions provider in Côte d’Ivoire with clients in several industries including telecommunications, financial services, manufacturing, healthcare, and hospitality.
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