Adenia Partners, a prominent private equity firm with a track record of responsible and sustainable investments spanning over two decades in Africa, has entered into an agreement with Air Liquide, a global leader in industrial and medical gases. The deal involves the acquisition of 12 subsidiaries located in West and Central Africa, as well as the Indian Ocean region. These subsidiary activities represent sales of about 60 million euros (less than 10% of the Group’s sales in Africa).
Under the terms of the agreement, the establishments and workforce in Benin, Burkina Faso, Cameroon, Congo, Ivory Coast, Gabon, Ghana, Madagascar, Mali, Democratic Republic of Congo, Senegal, and Togo will unite to establish a new independent pan-African industrial gases group. Adenia aims to enhance and foster the growth of this group through sustained long-term support and additional investments of up to 30 million euros.
Furthermore, as a component of the deal, Air Liquide has forged a long-term contract with Adenia for the provision of various industrial and specialty gases. These supplies, coupled with Air Liquide’s assistance during the transition, particularly through a technical assistance agreement, will complement forthcoming investments.
According to Christophe Scalbert, Partner at Adenia, on the transaction, “With a presence in 12 countries, sales approaching 60 million euros, and unique expertise and teams, we see the emergence of a continental leader that will benefit from strong infrastructure development, increasing industrial activities and natural resources industries on the African continent. Adenia intends to accelerate the growth of this new group by investing heavily in production and storage capacity to better serve its customers”.
Established in 2002, Adenia boasts a successful track record, having executed over 30 platform investments and realized 17 exits. It currently has over $800million assets under management.
Air Liquide, a global leader in gases, technologies, and services for both industry and healthcare, operates in 72 countries worldwide. With around 67,800 employees, the company serves over 4 million customers and patients.
