AfricInvest’s French-African Fund 3 makes first investment
The fund has completed its first investment in Hi-Tech Detection Systems Group, a specialist in high-tech detection and safety systems.
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AfricInvest Europe has announced that its French-African Fund 3 has completed its first investment in Hi-Tech Detection Systems Group (HTDS), a specialist in high-tech detection and safety systems. The transaction was completed alongside Trocadero Capital Partners, Bpifrance and Société Générale Capital Partenaires. This new investment round, which also includes the reinvestment of the historical shareholder Abenex, enables the Moudarres family and the management team to increase their stake in the company.
AfricInvest’s French-African funds invest in French SMEs with existing or planned expansion projects in Africa.
HTDS supplies a wide range of X-ray scanners, walkthrough detectors, metal and explosive detectors, laboratory instruments, and radiation protection solutions to public authorities, including airports and ports, as well as major industrial groups operating in sectors such as food processing, pharmaceuticals, nuclear energy, defence, energy, and research.
HTDS operates in France, Africa and the Middle East. The company has a local presence in 14 countries and relies on a network of agents extending its commercial footprint to approximately 50 countries. HTDS has developed a close and long-standing relationship with the African continent, where it operates eight subsidiaries – Algeria, Democratic Republic of Congo, Egypt, Côte d’Ivoire, Kenya, Madagascar, Morocco and Tunisia – as well as five additional offices in Cameroon, Libya, Nigeria, Senegal and Tanzania. This footprint is complemented by a network of agents covering the rest of the continent, with more than 230 people employed in Africa.
Farice Moudarres, president of HTDS said, “We are delighted to welcome Trocadero Capital Partners, AfricInvest Europe, Bpifrance and Société Générale Capital Partenaires alongside us. The combination of our respective areas of expertise will help ensure the success of this new phase of development, focused on geographic expansion and broadening our offering.”
Stéphane Colin and Khaled Ben Jennet, managing partners of AfricInvest Europe, said in a joint statement: “With the support of our eight offices across Africa (Algeria, Côte d’Ivoire, Egypt, Mauritius, Kenya, Morocco, Nigeria and Tunisia), we are pleased to support the HTDS team in their international expansion strategy, particularly across the African continent. We believe this region represents an increasingly strategic market, offering opportunities for external growth, new distribution agreements and geographic expansion for its existing suppliers.”
“We are delighted to support Farice and Etienne Moudarres, together with their management team, in this new stage of development. We are convinced that HTDS’s proven business model and the strategic vision of its leadership team will drive the success of this next phase of growth, and we will dedicate our expertise and capabilities to achieving this shared ambition,” noted Nicolas Gagnez, managing partner of Trocadero Capital Partners.
Menele Chesnot, regional director at Bpifrance added, “We are very pleased to support the Moudarres family in this new chapter of HTDS’s development. We are confident in the team’s ability to continue driving growth across its various segments, including security, detection, analysis, testing and inspection solutions, supported by the complementary profiles brought together by our co-investor pool.”
Lucas Donné, investment director at Société Générale Capital Partenaires, commented: “HTDS has demonstrated the strength of its business model and its ability to achieve organic growth in complex markets. Having significantly strengthened its organisation in recent years, the group is now ideally positioned to continue executing its growth strategy through the expansion of both its offering and geographic footprint. We are delighted to have the opportunity to support the Moudarres family and the associated management team in this new phase of growth alongside a highly complementary group of investors.”
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