Senegalese drilling company invites investment

With private equity backing behind it, a Senegalese drilling services company has plans to expand in West Africa, in a deal which drew on French, Moroccan and Ivorian legal and financial expertise.

A fund operated by Ivory Coast-headquartered private equity investor Adiwale Partners has taken a minority stake in a Senegalese drilling services company which is targeting growth in West Africa.

Adiwale Fund I acquired the stake in International Drilling Co (IDC), which has clients in the mining, water and construction sectors. IDC has operations in Ivory Coast, Mali and Guinea, and has targeted growth in francophone West Africa over the next five years.

Adiwale managing partner Jean-Marc Savi de Tové said the investor was targeting deals that did not rely on importing goods and services: “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.”

Fellow managing partner Vissého Gnassounou said the private equity firm would “support IDC’s management in attaining ground-breaking milestones and sustainable growth”, highlighting the company’s desire to “create skilled jobs for local communities” and install “solid social and environmental management systems”.

IDC received financial advice from Enexus Finance and legal input from French lawyer Julien Baubigeat.

Adiwale Fund I received legal advice on the deal from Africa-focused firm Asafo & Co, led by Morocco-based partner Mouna Boubia, with financial due diligence from Deloitte’s Ivorian subsidiary, and environmental due diligence from IBIS Consulting.

In December, an Asafo & Co team advised AfricInvest on its investment in a Moroccan IT company. Other deals the law firm advised on during 2021 included investment in a Moroccan consumer goods trader and Norwegian investment in a Senegalese power company.

Last year, Mauritius Commercial Bank led on the provision of a USD 60 million loan to improve electrification in Senegal.

Read original story on ICLG.

1 Comment

  • Latonya
    January 28, 2022

    Thanks fοr finalⅼy tɑlking about > Senegalese drіlling
    company invites investment – Africa Investmеnt Consortium

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