Amethis sells remaining stake in Pétro Ivoire

Image Credit: Petro Ivoire

Amethis is selling its remaining holding in Pétro Ivoire, an integrated retailer and distributor of gas and oil products and service station operator in Côte d’Ivoire which the private equity firm first backed in 2013. The transaction marks a second exit from the firm for Amethis following a partial exit in 2018 funded by a €19 million mezzanine Vantage Capital-backed deal allowing Pétro Ivoire’s founding family to acquire part of Amethis’s stake (and those held by other investors). That transaction marked one of the first leveraged management buyouts in Francophone Africa.

The sale of its remaining interest in the business to Caisse Nationale de Prévoyance Sociale (or CNPS), Côte d’Ivoire’s National Social Insurance Fund, gives the two Amethis funds which held the stake a full exit from the business. An Amethis representative declined to disclose how much CNPS is paying for the stake as well as the financial returns the sale earns the funds.

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