Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has agreed to subscribe to a US$100mn capital increase through its ADP II Fund in Atlantic Business International (ABI). ABI is the third largest banking entity in the West African Economic and Monetary Union (UEMOA) and the second largest bank in Côte d’Ivoire in terms of deposits with banking and insurance operations across Côte d’Ivoire, Senegal, Burkina Faso, Benin, Togo, Niger, Mali and Guinea Bissau.
Sofiane Lahmar, Partner at DPI, commented: “Our investment thesis is based on the opportunity to invest alongside a strong sponsor BCP in a leading, growing and profitable banking franchise, with a strong management team that has delivered solid performance. We want to also capitalise on strong growth prospects and low banking and insurance penetration in the UEMOA region (in particular Côte d’Ivoire). The investment will be used to increase capital in existing ABI’s subsidiaries, fund IT investments, accelerate the group’s retail expansion as well as acquisition opportunities in and outside the UEMOA region which have been an important part of ABI’s growth strategy.”
Mr. Mohamed Karim Mounir, General Manager in charge of Corporate, Investment and International Banking at BCP added: “Over the last 4 years, ABI has grown to be one of the leading banking groups in UEMOA. This partnership will strengthen the capital base of our subsidiary and give it the resources it needs to fulfil its growth ambitions. While achieving its development in West Africa, this partnership with DPI will expand the Group across Sub-Saharan Africa”
Euromed Advisory (led by Zineb Abbad El Andaloussi) & Rothschild, KPMG France, and Dentons advised DPI on the deal.
PwC and Allen & Overy assisted BCP on the transaction.
About Development Partners International LLP
DPI is a US$1.1bn Africa-focused private equity firm with offices in London and Lagos that invests in companies benefiting from the fast-growing emerging middle class in Africa.
Founded in 2007, DPI’s investment process combines rigorous analysis with comprehensive due diligence. The firm seeks out compelling investment opportunities and aims to obtain exclusive terms, rational pricing and strong influence. The investment philosophy places great importance on working closely with the funds’ portfolio companies to create value while looking for attractive exit opportunities throughout the lifetime of the funds’ investment. DPI invests in profitable or cash-flow positive companies which are growing either organically or through acquisitions, or partnering with established corporations expanding into new regions in Africa. The companies’ management must be experienced, and committed to transparency, with a clear corporate strategy designed to create value for shareholders.
DPI’s team has had extensive hands-on private equity and investment experience across Africa since 1990. DPI currently advises two Pan-African private equity funds, African Development Partners I (ADP I) and African Development Partners II (ADP II).
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