AFRICA – Adenia Partners, a private equity firm, has signed an agreement with Air Liquide, a French multinational company and a world leader in industrial and medical gases, for the acquisition of 12 of its subsidiaries in West and Central Africa and the Indian Ocean.
The proposed divestiture, which is subject to the usual regulatory and financial approvals, illustrates Air Liquide’s strategy to actively manage its portfolio.
The countries include Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, Democratic Republic of Congo, Senegal and Togo.
As part of the agreement, the entities and employees in these countries will form a new, independent, pan-African industrial gasses group that Adenia intends to strengthen and develop through long-term support and additional investments of up to 30 million euros (US$32.65m).
In addition, as part of the transaction, Air Liquide has entered a long-term contract with Adenia for the supply of numerous industrial and specialty gasses. These supplies, together with Air Liquide’s support in the transition, notably through a technical assistance contract, will complement future investments.
“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,” Christophe Scalbert, Partner at Adenia, commented.
“Adenia intends to accelerate the growth of this new group by investing heavily in production and storage capacity to better serve its customers”.
Air Liquide is a world leader in gasses, technologies and services for industry and healthcare. Present in 72 countries with 67,800 employees, the Group serves more than 4 million customers and patients.
Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the Group’s activities since its creation in 1902.
With approximately 1,600 employees in the region and €700 million (US$761.9m) invested in the last 3 years, Air Liquide will remain a major industrial and medical gasses player in Africa where it will continue to pursue development opportunities, particularly in the fields of energy transition, hydrogen and healthcare.
Positioned on new markets, the Group benefits from major assets such as its business model combining resilience and strength, its ability to innovate and its technological expertise. The Group develops solutions contributing to climate and the energy transition—particularly with hydrogen—and takes action to progress in areas of healthcare, digital and high technologies.
Adenia Partners is a private capital management firm investing in some of Africa’s most promising businesses.
Earlier this month, Adenia Partners acquired 100% of The Courier Guy, a player in last-mile delivery and express parcel (CEP) services in South Africa, alongside co-investors DEG, Proparco, and South Suez.
This acquisition was made through Adenia Capital (V) LP and it marked the second investment of Adenia’s fifth flagship fund, Adenia V, and demonstrates the firm’s commitment to the fast-evolving last-mile delivery landscape in South Africa. Financial terms of the transaction were not disclosed.
The Courier Guy is South Africa’s courier service with an extensive network of delivery partners, kiosks, and more than 1,200 pudo smart lockers across the country. It is at the forefront of providing innovative and customer-focused logistics solutions.
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