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AfricInvest Europe’s French-African Fund 3 (FFA 3) has made its second investment, in ACC M, a French specialist in the refurbishment and heavy maintenance of railway rolling stock.
FFA 3 is investing alongside majority shareholder LBO France, a Paris-based private equity firm, as well as the Fonds Souverain Auvergne-Rhône-Alpes, managed by Siparex Territoires, and CACF Développement. The investment will support ACC M’s next phase of growth, including its international expansion, particularly in Africa.
Thierry Cézard, chairman of ACC M, and Thierry Torti, founder of TTH Group, are also reinvesting significantly, alongside key members of the management team. The transaction also provides for the introduction of an employee share ownership plan, which will enable all eligible employees to become shareholders.
Founded in 1919, ACC M specialises in mid-life refurbishment: upgrading trains, metros and trams after around 20 years in service to extend their useful life to around 40 years. It manages the full refurbishment process, from diagnostics to return to service, for both urban and mainline rolling stock.
The group’s mid-life refurbishment expertise could also be applied in Africa. Through FFA 3, AfricInvest Europe will help ACC M explore these prospects, drawing on the AfricInvest Group’s local presence and networks. This is in line with the strategy of the French-African Funds, which since 2017 have backed 21 French small and medium-sized enterprises with an existing or prospective development project in Africa.
Stéphane Colin and Khaled Ben Jennet, managing partners of AfricInvest Europe, said, “With the support of our eight offices in Africa (Algeria, Côte d’Ivoire, Egypt, Mauritius, Kenya, Morocco, Nigeria and Tunisia), we are delighted to support the ACC M team in its international expansion strategy, particularly on the African continent. We believe that the region offers growing opportunities, with mid-life refurbishment needs already identified for metros and trams built by French manufacturers, including Citadis trams, and/or trams operated by French companies well known to ACC M. ACC M’s recognised technical expertise positions it well to meet these needs.”
AfricInvest Europe is the French subsidiary of the AfricInvest Group, a private equity platform founded in 1994 that manages $2.5 billion in assets.
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