Adiwale Fund I, managed by West Africa-focused private equity firm Adiwale Partners, has acquired a minority stake in Codex SA, a leading provider of lifting and industrial logistics services based in Senegal. The strategic investment aims to support Codex’s growth ambitions, including fleet expansion and regional market entry.
Codex SA operates a robust fleet of cranes, forklifts, aerial platforms, and semitrailers, serving clients across the energy, industrial, and mining sectors. Its customer base includes major oil and gas operators, refineries, and chemical processing facilities, positioning the company as a critical player in West Africa’s industrial infrastructure ecosystem.
The capital injection from Adiwale Fund I will be used to:
- Finance the acquisition of new equipment to meet rising demand for complex lifting and logistics services.
- Support Codex’s regional expansion strategy, enabling the company to scale operations beyond Senegal and tap into emerging opportunities across West Africa.
Jean-Marc Savi de Tové, Managing Partner at Adiwale Partners, commented:
This new partnership illustrates the crucial role of private equity in the industrial sector, where long-term, capital-intensive financing remains a challenge in our region. We are confident in the potential of our markets and look forward to pursuing similar investments alongside local investors.
Visseho Gnassounou, also a Managing Partner at Adiwale Partners, added:
Our fund’s investment demonstrates that well-structured local companies can attract institutional capital and accelerate their growth. Codex is a prime example of the kind of business we aim to support—resilient, scalable, and locally rooted.
Luca Giolivo, majority shareholder and CEO of Codex SA, welcomed the partnership, stating:
Adiwale Fund I’s investment not only strengthens our shareholder base but also brings in a strategic partner whose investment experience and regional insight complement our operational expertise. This alliance will help us explore new markets and meet growing demand for specialized industrial services.
The transaction underscores Adiwale Partners’ commitment to backing high-potential SMEs in Francophone West Africa and reflects growing investor interest in infrastructure-linked services that support industrial development across the region.
