The Carlyle Group and Dangote Industries Limited Form Strategic Investment Partnership

05 Aug 2014

Partnership will invest across the oil & gas value chain as well as in consumer, financial services and agribusiness sectors – building blocks of the African economy

Washington, DC & Lagos, Nigeria – Global alternative asset manager The Carlyle Group (NASDAQ: CG) and Dangote Industries Limited (DIL), a diversified business conglomerate based in Africa, today announced they have formed a strategic partnership to invest in Sub-Saharan Africa. The partnership, working through Carlyle International Energy Partners, will work to invest substantial equity across the oil & gas value chain including exploration & production, refining and gas commercialization in projects that enhance local energy capacity, create jobs and contribute to a sustainable energy future in Africa. Carlyle and DIL, through the Carlyle Sub-Saharan Africa Fund, will also invest in consumer, financial services and agribusiness sectors, building blocks of the African economy.

Carlyle Co-CEO David M. Rubenstein said, “We are proud and excited to deepen our relationship with Dangote Industries, an anchor investor in our Sub-Saharan fund. Aliko Dangote, President and CEO of DIL, is a pioneer in the African business community, with the depth of vision and commitment that will better enable Carlyle to find and create choice investment opportunities in Sub-Saharan Africa and contribute to economic development on the continent.”

Mr. Dangote said, “Carlyle brings ability and capital to Africa and has deep expertise in the oil & gas value chain. David Rubenstein and his partners have a proven track record of value creation around the globe that can benefit growing businesses across Africa. Carlyle was the first global private equity firm to create a dedicated fund and team to pursue opportunities in Sub-Saharan Africa and I am proud to partner with this globally recognized investment leader.”

Carlyle’s International Energy team focuses on oil and gas exploration and production, midstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia. Recent activity includes investments in Discover Exploration and Varo Energy.

Carlyle’s Sub-Saharan Africa fund, with offices in Lagos and Johannesburg, has made three investments: ETG, a pan-African agricultural supply chain company; J&J, a southern African logistics company; and Traxys, a global metals trader with significant sourcing in Africa.

For more, see here.

Source: The Carlyle Group.

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