Benin: Impact investment firm exits industrial company
Impact investment firm Investisseurs & Partenaires (I&P) has exited its investment in Normat, a Benin-based company specialised in drilling, blasting and the distribution of civil explosives (mainly used in mines and quarries and on some construction sites). The company was created in 2017 following the spin-off of this drilling-mining business from Bhelix, which operates several granite quarries in Benin and in which I&P invested in 2009 through the investment vehicle I&P Développement.
This spin-off was an operational success made possible by the agility and resilience of the company’s promoter, Narcisse Zolla, who anticipated the need of other quarry operators to outsource their drilling and mining operations in order to focus on their core business.
The EPC Group – a world leader in the manufacturing and distribution of explosives for civil use – has acquired a majority stake in Normat. EPC sees this acquisition as a continuation of its strategy to strengthen its position in the West African markets. The promoter Narcisse Zolla will remain a minority shareholder of the company and remain its general manager. Zolla will also become again the majority shareholder of Bhelix after the exit of I&P.
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