Adiwale Fund I acquires a minority stake in drilling company
Adiwale Fund I, managed by Adiwale Partners, announced the acquisition of a minority stake in International Drilling Company (IDC).
IDC is a drilling services company which started operations 10 years ago in Senegal and today also operates in Côte d’Ivoire, Mali and Guinea, with further expansion plans in French-speaking West Africa.
IDC is uniquely positioned between small local players and international drilling companies operating in the region. Its major clients are listed international mining companies and it also serves the construction and water industries. Building on the company’s competitive advantages, track record and clients portfolio, IDC’s management intends to become the leader in the fast growing Francophone West Africa drilling market within the next five years.
Jean-Marc Savi de Tové, managing partner of Adiwale Partners commented, ”We are excited to be making this investment in IDC, as it is in line with our import substitution thematic approach. Most services across the mining value chain in the region are still offered by international players and only a handful of structured local companies. IDC’s track record and good operating standards allow the company to compete with global drilling services companies active in the region.”
Vissého Gnassounou, managing partner of Adiwale Partners added, ”We look forward to support IDC’s management in attaining ground-breaking milestones and sustainable growth. The company has a management that is very keen to create skilled jobs for local communities. It also has a strong inclination to putting in place solid social and environmental management systems.”
Asafo & Co. advised Adiwale Fund I on the legal aspects of the investment. Deloitte Côte d’Ivoire advised the fund on the financial due diligence and IBIS Consulting on the environmental and social due diligence.
Enexus Finance and Julien Baubigeat advised the company.
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