Senegal: Adiwale Partners backs industrial equipment company
Adiwale Fund I has acquired a minority stake in Codex SA.
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Adiwale Fund I, managed by Adiwale Partners, has acquired a minority stake in Codex SA, a Senegalese lifting services provider.
Codex SA operates a large fleet of cranes, forklifts, aerial platforms, and semitrailers. It works with clients in energy, industry and mining, including oil and gas companies, refineries and chemical plants.
Adiwale’s capital will finance new equipment to meet rising demand and fund a regional expansion programme.
Jean-Marc Savi de Tové, managing partner at Adiwale Partners, commented: "This new partnership illustrates the crucial role of private equity in the industrial sector, where long-term, capital-intensive financing remains a challenge in our region. We are confident and believe in the potential of our regions and look forward to pursuing similar investments alongside local investors."
Visseho Gnassounou, managing partner at Adiwale Partners, said: “Our fund’s investment demonstrates that well-structured local companies can indeed attract institutional investors and therefore accelerate their growth."
Luca Giolivo, majority shareholder and CEO of Codex SA, added: "Adiwale Fund I’s investment not only strengthens our shareholder base but also brings in a partner whose investment experience and strategic vision complements our operational know-how. This alliance will help us explore new markets and meet growing demand for complex, specialised services."
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